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美國

證券交易委員會

華盛頓特區 20549

表格 10-Q

 

（標記1）

☑    根據1934年證券交易所法案第13或15(d)條，提交季度報告

截至季度結束日期的財務報告2024年9月30日

或者

☐    根據1934年證券交易所法案第13或15(d)條，提交過渡報告

過渡期從              到             

委託文件編號：001-39866001-13251

 

學貸美優先股borganization

(根據其章程規定的發行人的確切名稱)

 

特拉華州									52-2013874
（國家或其他管轄區的 公司成立或組織）									（IRS僱主 唯一識別號碼）
300 Continental Drive			紐瓦克			特拉華州			19713
，（主要行政辦公地址）									(郵政編碼)

(302) 451-0200

（如果自上次報告以來有變化，則填上其曾用名或舊地址）

（原名稱、地址及上一個財政年度，如自上次報告以來發生更改）

在法案第12(b)條的規定下注冊的證券：

每一類的名稱			交易標誌			在其上註冊的交易所的名稱
普通股，每股面值爲$0.20			SLM			納斯達克全球精選市場
浮動利率不積累優先股，b系列，每股面值爲$0.20			SLMBP			納斯達克全球精選市場

請勾選表示登記者是否：(1) 在過去12個月(或登記者需要提交這些報告的較短期間)內已提交《1934年證券交易所法》第13或第15(d)條所要求提交的所有報告，和(2)在過去90天內一直遵守這些申報要求。是  ☑    否  ☐

檢查標記註明註冊人是否在過去12個月內（或對於註冊人需要提交此類文件的較短期限內）按照《規則S-T》405條所規定的每個互動數據文件都提交了。是  ☑    否  ☐

請用複選標記指示註冊公司是大型加速申報人、加速申報人、非加速申報人、較小的報告公司還是新興增長公司。請參閱《交易所法案》規則120億.2中對「大型加速申報人」、「加速申報人」、「較小的報告公司」和「新興增長公司」的定義。

 

大型加速報告人

☑

加速文件申報人

☐

非加速文件提交人

☐

宏觀經濟環境，包括供應鏈限制、上升的利率和通脹的經濟影響，仍然給我們的綜合經營結果帶來了重大的不確定性，可能對我們的財務狀況、經營結果和流動性產生不利影響。我們正在積極監測全球宏觀經濟環境的變化，並評估這些挑戰可能對我們的財務狀況、經營結果和流動性產生的潛在影響。我們還關注這些情況可能對我們的客戶和供應商產生的影響。儘管存在這些挑戰和不確定性，我們相信迄今爲止我們已經有效地管理了客戶和供應商的供應鏈需求。

更小的報告公司

☐

新興成長公司

☐

如果是新興成長型企業，請勾選複選標記，表明註冊者已選擇不使用延長過渡期來符合根據證券交易法第13(a)條規定提供的任何新財務會計準則。 ☐

請勾選是否爲可披露公司（根據交易所法案120億.2中的定義）。 是☐ 否☑ 

截至2024年9月30日， 212,330,467股普通股。

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SLM公司

基本報表

指數

第一部分。基本報表
項目1。			基本報表						2
項目1。			財務報表註釋						11
事項二			分銷計劃						55
第3項。			市場風險的定量和定性披露						84
事項4。			控制和程序						87
第二部分。其他信息
項目1。			法律訴訟						88
項目1A。			風險因素						88
事項二			未註冊的股票股權銷售和籌款用途						88
第3項。			對優先證券的違約						89
事項4。			礦山安全披露						89
項目5。			其他信息						90
項目6。			展示資料						90

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聯合資產負債表（未經審計）
						2020年9月30日						12月31日
(以千美元爲單位，除每股股數和每股股價外)						2024						2023
資產
現金及現金等價物						$	4,489,539					$	4,149,838
投資：
Trading investments at fair value (cost of $43,373 和 $43,412）						54,840						54,481
可供出售的投資按公允價值計量（成本爲$2,113,257 和 $2,563,984）						2,022,605						2,411,622
其他投資						114,210						91,567
投資合計						2,191,655						2,557,670
持有待售貸款（減免損失淨額爲$1,413,621 和 $1,339,772）						20,459,933						20,306,357
待售貸款						485,701						—
限制性現金						170,984						149,669
其他利息收益資產						5,820						9,229
應計利息應收款						1,537,594						1,379,904
資產和設備淨值						122,972						129,501
商譽及已獲取的無形資產淨額						64,877						68,711
應收所得稅款，淨額						428,778						366,247
其他						54,914						52,342
總資產						$	30,012,767					$	29,169,468
負債
存款						$	21,445,457					$	21,653,188
長期借款						6,036,527						5,227,512
其他負債						397,033						407,971
負債合計						27,879,017						27,288,671
承諾和 contingencies
股權
優先股，面值$0.20每股股票價格爲20已授權發行一百萬股：
B輪： 2.5500萬股，並且總成本（包括佣金和消費稅）分別爲$2.5 各自以面值$發行了百萬股100。						251,070						251,070
普通股，每股面值 $，授權股數：百萬股；發行股數：分別爲2024年6月30日和2023年12月31日：百萬股；流通股數：分別爲2024年6月30日和2023年12月31日：百萬股0.20每股股票價格爲1.125 已授權開多億股： 440.5和438.2 已發行開多萬股						88,106						87,647
額外實收資本						1,185,187						1,148,689
累計其他綜合損失（稅後效益（$16,210）和（$24,176其他綜合損益累計餘額：						(50,339)						(75,104)
保留盈餘						4,034,640						3,624,859
貨幣資金及其他流動資產						5,508,664						5,037,161
減：已購入庫存的普通股 228.2和217.9各自有2,697,690萬和2,071,289萬股						(3,374,914)						(3,156,364)
股東權益總計						2,133,750						1,880,797
負債和所有者權益總額						$	30,012,767					$	29,169,468

有關合並財務報表的附註請參閱。

2

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合併營業收入表（未經審計）
（以千美元爲單位，除每股金額外）						截至2022年1月31日三個月的期間結束 2021年9月30日												九個月截至 2021年9月30日
						2024						2023						2024						2023
利息收入：
貸款						$	565,046					$	581,080					$	1,726,991					$	1,732,206
投資						16,299						13,268						45,945						36,636
現金及現金等價物						71,294						57,902						184,737						154,911
總利息收入						652,639						652,250						1,957,673						1,923,753
利息支出:
存款						225,749						209,921						657,480						584,859
短期借款利息支出						3,467						3,576						10,339						9,893
長期借款利息支出						64,020						54,125						171,263						152,674
總利息支出						293,236						267,622						839,082						747,426
淨利息收入						359,403						384,628						1,118,591						1,176,327
減少：信貸損失準備						271,465						198,023						300,336						329,864
減少信貸損失準備後的淨利息收入						87,938						186,605						818,255						846,463
非息收入：
貸款銷售的收益（損失）淨額						(31)						(5)						254,937						124,740
證券交易的收益（損失）淨額						(3,836)						1,490						385						1,988
其他收入						28,390						22,753						85,164						63,275
總非利息收入						24,523						24,238						340,486						190,003
非利息收入:
營業費用：
薪酬和福利						87,566						83,577						269,303						249,459
FDIC評估費用						12,973						12,283						38,012						33,663
其他營業費用						70,259						71,542						181,122						192,983
營業費用總計						170,798						167,402						488,437						476,105
已收購無形資產攤銷費用						1,225						2,834						3,834						7,351
總非利息支出						172,023						170,236						492,271						483,456
所得稅費用（收益）前的收入（虧損）						(59,562)						40,607						666,470						553,010
所得稅費用（收益）						(14,410)						11,242						169,698						140,062
						(45,152)						29,365						496,772						412,948
優先股股息						4,648						4,642						13,929						12,979
歸屬於SLm公司普通股的淨利潤（虧損）						$	(49,800)					$	24,723					$	482,843					$	399,969
每股普通股基本盈利（虧損）						$	(0.23)					$	0.11					$	2.21					$	1.71
平均普通股份流通量						214,873						226,120						218,059						234,170
每股普通股攤薄盈利（虧損）						$	(0.23)					$	0.11					$	2.18					$	1.69
普通股和普通等價股平均流通股數						214,873						228,800						221,553						236,593
每股普通股宣佈的股息						$	0.11					$	0.11					$	0.33					$	0.33

有關合並財務報表的附註請參閱。

3

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綜合收益表（未經審計）
(以千美元計)						截至2022年1月31日三個月的期間結束 2021年9月30日												九個月截至 2021年9月30日
						2024						2023						2024						2023
						$	(45,152)					$	29,365					$	496,772					$	412,948
其他綜合收益（損失）：
投資的未實現收益(虧損)						53,748						(17,686)						61,150						3,358
現金流量套期收益(損失)						(16,110)						(5,767)						(28,419)						(13,191)
未實現利潤（損失）總額						37,638						(23,453)						32,731						(9,833)
所得稅費用（收益）						(9,168)						5,702						(7,966)						2,388
其他綜合收益（損失），淨稅後（費用）利益						28,470						(17,751)						24,765						(7,445)
總綜合收益（損失）						$	(16,682)					$	11,614					$	521,537					$	405,503

有關合並財務報表的附註請參閱。

4

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合併股東權益變動表（未經審計）
												普通股股份
（以千爲單位，除股份數量和每股金額外）						優先股股份						已發行						國庫						未償還金額						優先股						普通股						資本公積金						累積的 其他 綜合 損失						未分配利潤						庫存股						總股本
2023年6月30日的餘額						2,510,696						437,993,893						(211,913,035)						226,080,858						$	251,070					$	87,599					$	1,129,537					$	(83,564)					$	3,485,732					$	(3,064,010)					$	1,806,364
淨收入						—						—						—						—						—						—						—						—						29,365						—						29,365
其他綜合損失，淨額						—						—						—						—						—						—						—						(17,751)						—						—						(17,751)
總綜合收益						—						—						—						—						—						—						—						—						—						—						11,614
現金分紅宣佈:
普通股($共發行和流通)0.11每股)						—						—						—						—						—						—						—						—						(24,879)						—						(24,879)
優先股，b系列 ($1.85每股)						—						—						—						—						—						—						—						—						(4,642)						—						(4,642)
普通股發行						—						200,886						—						200,886						—						40						2,590						—						(1)						—						2,629
股票補償費用						—						—						—						—						—						—						8,472						—						—						—						8,472
已回購普通股						—						—						—						—						—						—						—						—						—						(161)						(161)
與員工股權報酬計劃相關的回購股份						—						—						(10,687)						(10,687)						—						—						—						—						—						(173)						(173)
2023年9月30日結餘						2,510,696						438,194,779						(211,923,722)						226,271,057						$	251,070					$	87,639					$	1,140,599					$	(101,315)					$	3,485,575					$	(3,064,344)					$	1,799,224

有關合並財務報表的附註請參閱。

5

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合併權益變動報表（未經審計）
												普通股
（以千計，股票和每股金額除外）						優先股						已發行						財政部						傑出						優先股						普通股						額外的實收資本						累積 其他 綜合收入 （損失）						留存收益						國庫股						權益總額
截至 2024 年 6 月 30 日的餘額						2,510,696						440,279,647						(222,818,287)						217,461,360						$	251,070					$	88,056					$	1,173,735					$	(78,809)					$	4,107,980					$	(3,258,794)					$	2,283,238
淨虧損						—						—						—						—						—						—						—						—						(45,152)						—						(45,152)
其他綜合收益，扣除稅款						—						—						—						—						—						—						—						28,470						—						—						28,470
綜合損失總額						—						—						—						—						—						—						—						—						—						—						(16,682)
申報的現金分紅：
普通股 ($)0.11 每股）						—						—						—						—						—						—						—						—						(23,529)						—						(23,529)
優先股，b系列（美元）1.85 每股）						—						—						—						—						—						—						—						—						(4,648)						—						(4,648)
普通股的發行						—						249,049						—						249,049						—						50						3,078						—						(11)						—						3,117
股票薪酬支出						—						—						—						—						—						—						8,374						—						—						—						8,374
回購普通股						—						—						(5,345,026)						(5,345,026)						—						—						—						—						—						(115,338)						(115,338)
回購的股票與員工股票薪酬計劃有關						—						—						(34,916)						(34,916)						—						—						—						—						—						(782)						(782)
截至 2024 年 9 月 30 日的餘額						2,510,696						440,528,696						(228,198,229)						212,330,467						$	251,070					$	88,106					$	1,185,187					$	(50,339)					$	4,034,640					$	(3,374,914)					$	2,133,750

有關合並財務報表的附註請參閱。

6

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合併權益變動報表（未經審計）
												普通股
（以千計，股票和每股金額除外）						優先股						已發行						財政部						傑出						優先股						普通股						額外的實收資本						累積 其他 全面 損失						留存收益						國庫股						權益總額
截至2022年12月31日的餘額						2,510,696						435,121,140						(194,445,696)						240,675,444						$	251,070					$	87,025					$	1,109,072					$	(93,870)					$	3,163,640					$	(2,789,967)					$	1,726,970
淨收入						—						—						—						—						—						—						—						—						412,948						—						412,948
扣除稅款的其他綜合虧損						—						—						—						—						—						—						—						(7,445)						—						—						(7,445)
綜合收入總額						—						—						—						—						—						—						—						—						—						—						405,503
申報的現金分紅：
普通股 ($)0.33 每股）						—						—						—						—						—						—						—						—						(76,817)						—						(76,817)
優先股，b系列（美元）5.17 每股）						—						—						—						—						—						—						—						—						(12,979)						—						(12,979)
普通股的發行						—						3,073,639						—						3,073,639						—						614						3,227						—						(1,217)						—						2,624
股票薪酬支出						—						—						—						—						—						—						28,300						—						—						—						28,300
回購普通股						—						—						(16,389,696)						(16,389,696)						—						—						—						—						—						(257,563)						(257,563)
回購的股票與員工股票薪酬計劃有關						—						—						(1,088,330)						(1,088,330)						—						—						—						—						—						(16,814)						(16,814)
截至 2023 年 9 月 30 日的餘額						2,510,696						438,194,779						(211,923,722)						226,271,057						$	251,070					$	87,639					$	1,140,599					$	(101,315)					$	3,485,575					$	(3,064,344)					$	1,799,224

有關合並財務報表的附註請參閱。

7

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合併權益變動報表（未經審計）
												普通股
（以千計，股票和每股金額除外）						優先股						已發行						財政部						傑出						優先股						普通股						額外的實收資本						累積 其他 全面 收入（虧損）						留存收益						國庫股						權益總額
截至2023年12月31日的餘額						2,510,696						438,230,416						(217,886,532)						220,343,884						$	251,070					$	87,647					$	1,148,689					$	(75,104)					$	3,624,859					$	(3,156,364)					$	1,880,797
淨收入						—						—						—						—						—						—						—						—						496,772						—						496,772
其他綜合收益，扣除稅款						—						—						—						—						—						—						—						24,765						—						—						24,765
綜合收入總額						—						—						—						—						—						—						—						—						—						—						521,537
申報的現金分紅：
普通股 ($)0.33 每股）						—						—						—						—						—						—						—						—						(71,834)						—						(71,834)
優先股，b系列（美元）5.55 每股）						—						—						—						—						—						—						—						—						(13,929)						—						(13,929)
普通股的發行						—						2,298,280												2,298,280						—						459						4,757						—						(1,228)						—						3,988
股票薪酬支出						—						—						—						—						—						—						31,741						—						—						—						31,741
回購普通股						—						—						(9,585,395)						(9,585,395)						—						—						—						—						—						(203,996)						(203,996)
回購的股票與員工股票薪酬計劃有關						—						—						(726,302)						(726,302)						—						—						—						—						—						(14,554)						(14,554)
截至 2024 年 9 月 30 日的餘額						2,510,696						440,528,696						(228,198,229)						212,330,467						$	251,070					$	88,106					$	1,185,187					$	(50,339)					$	4,034,640					$	(3,374,914)					$	2,133,750

有關合並財務報表的附註請參閱。

8

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合併現金流量表（未經審計）
						九個月截至 2021年9月30日
(以千美元計)						2024						2023
經營活動
淨收入						$	496,772					$	412,948
調整淨利潤以便於(使用於)經營活動的現金流量:
信用損失準備						300,336						329,864
所得稅費用						169,698						140,062
代理存款安置費的攤銷						8,101						8,818
擔保借款設施前期費用的攤銷						1,762						2,149
未實現貸款發行成本和貸款溢價/(折價)的攤銷，淨額						9,203						9,831
投資折價的淨攤銷						(1,480)						(2,012)
稅務補償應收款增加						—						(129)
房地產和設備的折舊						13,489						13,404
已收購無形資產攤銷費用						3,834						7,351
股票補償費用						31,741						28,300
衍生工具和套期交易活動的未實現收益（損失），淨額						62						(280)
貸款出售收益，淨額						(254,937)						(124,740)
證券收益，淨額						(385)						(1,988)
收購交易成本，淨額						—						997
對淨利潤的其他調整，淨額						8,856						12,279
經營性資產和負債變動:
應計的利息增加						(829,087)						(777,125)
非流動證券增加						(10,553)						(853)
其他計息資產減少						3,409						75
其他資產增加						(41,899)						(31,211)
所得稅應付款減少，淨額						(234,743)						(163,077)
應計利息減少（增加）						(6,121)						27,829
其他負債減少						(1,992)						(9,988)
調整總計						(830,706)						(530,444)
經營活動產生的現金流量淨額						(333,934)						(117,496)
投資活動
已獲得和發起的貸款						(6,071,409)						(5,600,123)
來自用於投資和待售貸款銷售的淨收益						3,761,691						2,157,024
來自FFELP貸款索賠支付的款項						27,579						39,836
投資及待售貸款淨減少（不包括收購和發起的貸款以及貸款銷售）						2,021,627						2,338,426
可供出售證券購買						(76,963)						(70,790)
可供出售證券出售和到期收回的收益						744,798						215,042
收購子公司淨額（扣除取得現金）						—						(14,654)
投資活動現金流入量合計						407,323						(935,239)
籌資活動
經紀存款放置費						(5,906)						(6,904)
存單淨增額						508,686						886,475
其他存款淨減額						(727,932)						(796,218)
抵押借款發行成本						—						(15)
抵押在證券化信託中的貸款擔保的借款-已發行						1,529,461						1,135,054
抵押在證券化信託中的貸款擔保的借款-已償還						(727,688)						(863,230)
擔保借款設施支付的費用						(2,333)						(2,850)
2021						(71,834)						(76,817)
支付的優先股股息						(13,929)						(12,979)
已回購普通股						(200,898)						(259,331)
融資活動提供的總淨現金						287,627						3,185
現金，現金等價物和受限現金淨增加（減少）						361,016						(1,049,550)
期初現金、現金等價物及受限制的現金餘額						4,299,507						4,772,836

9

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期末現金、現金等價物及受限制的現金餘額						$	4,660,523					$	3,723,286
現金支出項目包括：
利息						$	824,375					$	691,632
所得稅已付款項						$	235,675					$	171,022
所得稅退款						$	(1,251)					$	(8,157)
將綜合現金流量表與綜合資產負債表進行調節：
現金及現金等價物						$	4,489,539					$	3,548,225
受限現金						170,984						175,061
現金、現金等價物和受限制的現金總額						$	4,660,523					$	3,723,286

有關合並財務報表的附註請參閱。

10

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1. 重要會計政策

報告前提

SLm公司(以下簡稱「Sallie Mae」、「SLm」、「公司」、「我們」或「我們」)的附註未經審計的合併財務報表，已按照美國通用會計準則(「GAAP」)爲中期財務信息編制。因此，它們不包括GAAP對完整合並財務報表所要求的所有信息和腳註。合併財務報表包括SLm公司及其多數擁有和控制子公司的帳戶，消除了公司間帳戶和交易的影響。在管理層的意見中，已納入了爲了公正反映中期期間業績所需的所有調整。按照GAAP規定的財務報表的編制要求管理層進行可能影響合併財務報表和附註中報告金額的估計和假設。實際結果可能與這些估計不同。截至2024年9月30日三個月和九個月的營運業績並不一定代表結束於2024年12月31日的年度業績或任何其他時期的業績。這些未經審計的財務報表應與我們2023年度10-K表(Form 10-K)中包含的經審計財務報表和相關注釋一同閱讀。

整合

合併基本報表包括公司及其多數持有和控制子公司的帳戶，在消除公司間帳戶和交易影響後。

我們合併任何變量利益實體（"VIE"），在我們確定自己是主要受益人的情況下。主要受益人是具有以下兩者的實體：（i）有權指導最顯著影響VIE經濟績效的活動的能力；以及（ii）有義務吸收可能對VIE有重大影響的實體的損失或收益。

信用減值準備

我們在報告日期（"CECL"）對我們投資組合中貸款的預期壽命信貸損失以及未來貸款承諾維持信貸損失準備金。

在確定我們的私人教育貸款組合貸款部分的預期信用損失壽命時，我們使用折現現金流量法。這種方法需要我們對這些組合中的貸款未來的本金和利息現金流做出預測。

爲了估計未來的預期現金流量，我們使用考慮貸款的生命週期期望值以判斷每個資產負債表日期的準確性的統計貸款級別模型來考慮拖欠、預付款、收回和任何其他被認爲必要的定性調整。 這些現金流量以貸款的有效利率折現，以計算這些現金流量的現值。 管理層調整用於折現預期現金流量的有效利率以納入預期預付款。 這些現金流量的現值與基礎貸款的攤銷成本基礎之間的差額是信貸損失準備。 根據預期未來現金流量現值計量信貸損失的實體被允許將整個現值變動報告爲信貸損失費用，但也可以將由於時間流逝而發生的現值變動報告爲利息收入。 我們選擇將整個現值變動報告爲信貸損失費用。

我們估計未來違約率，使用基於歷史損失經驗、當前借款人特徵、當前情況和經濟因素預測的合理和可支持期間的貸款級別。在合理和可支持的預測期結束時，我們立即將我們預測的經濟因素恢復到長期歷史平均水平。

我們在貸款級別上使用歷史預付經驗、當前借款人特徵、當前條件和經濟因素來估計我們在當前預期信貸損失中使用的未來預付速度，這些經濟因素是在一個合理和可支持的期間內預測的。在合理和可支持的預測期結束時，我們立即將我們的預測經濟因素回歸到長期歷史平均水平。

合理可支持的預測期限旨在代表我們認爲可以估計預測經濟因素對預期損失影響的期間。我們使用兩年的合理可支持的預測期限，儘管這一期限可能會隨着我們對於可以合理預測經濟狀況以估計未來損失的能力看法的演變而發生變化。

11

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1.			重要會計政策（續）

在估算未來違約率和預付速度的當前預期信貸損失中，我們使用預期經濟情景與歷史經驗相結合來得出一個調整後的基準情況，考慮任何定性因素（如下所述）。我們還制定逆境和有利的經濟情景。在每個報告日期，我們根據當前經濟情況和對替代結果風險的看法，確定這些替代情景的適當權重。這些期望的權重用於計算每個週期記錄的當前預期信貸損失。

在估計回收時，我們既使用了對違約貸款出售所得的估計，也使用歷史借款人付款行爲來估計覈銷貸款未來回收的時間和金額。

除了上述建模方法之外，我們在計算信貸損失撥備時還考慮了其他一些定性因素，這可能會導致管理層進行調整（增加或減少信貸損失撥備）。這些管理層調整可以涵蓋一系列模型輸入未涵蓋的因素，包括但不限於，借貸政策和程序的變化，包括批准標準的變化，服務政策和催收管理實踐的變化，可能影響服務和收集實踐的州法律變化，未包括在分析中的銷賬，尚未包括在分析中的回收款，其他外部因素（如法律和監管要求）對估計的預期信貸損失水平的影響，模型隨時間的性能與實際損失之間的差異，以及可能影響我們對未來損失估計的任何其他操作性或監管變化。

信用損失準備金的評估本質上是主觀的，因爲它需要進行可能受到重大變化影響的實質性估計。如果未來實際表現在拖欠、覈銷和收回方面與估計有顯着不同，或者管理假設或做法發生變化，這可能會對信用損失準備金的估計、確認損失的時間以及我們的綜合損益表中與信用損失有關的計提產生重大影響。

在計算我們的信貸損失準備金和未擔保承諾的責任時，我們會納入多個因素，這些因素可能會在不同的時間段發生變化。這些因素包括但不限於，CECL模型輸入以及管理層認爲必要的任何覆蓋層。其中最具影響力的CECL模型輸入包括：

•經濟預測;

•經濟預測的權重; 和

•恢復率。

在上述列出的模型輸入中，經濟預測、經濟預測的權重以及回收率存在估計不確定性，這些輸入的變化可能對我們的信貸損失準備金和相關信貸損失準備金產生重大影響。

在2024年第二季度，我們實施了一個包括當前投資組合特徵、實際國內生產總值和大學畢業生失業率預測的貸款級未來違約率模型。在2024年第二季度，我們還實施了一個未來償還速度模型，包括實際國內生產總值、零售銷售額、擔保隔夜融資利率（「SOFR」）和美國10年期國債利率的預測。與先前的違約率和償還速度模型相比，這些模型減少了對某些定性疊加的依賴。在這些更改之前，我們的損失模型使用了大學畢業生失業率、零售銷售額、房價指數和家庭收入中位數的預測。未來違約率模型和未來償還速度模型都用於確定信貸損失準備金的充足性。在實施這些模型增強以及相關定性疊加變更之後，對我們信貸損失準備金的整體水平沒有產生實質影響。

我們從穆迪分析獲得我們損失模型輸入的預測。 穆迪分析爲每個輸入提供各種可能性發生的預測區間。 我們判斷我們將在信貸損失撥備估算中包含哪些預測，以及這些輸入的相關權重。 截至2024年9月30日、2023年12月31日和2023年9月30日，我們使用基準（發生可能性50th分位）/S1（更強的近期增長情景-發生可能性10%）/S3（不利（或下行）情景-發生可能性10%）並分別給予40%、30%和30%的權重。管理層每個季度審查這兩種情景及其各自的權重，以確定信貸損失撥備。

最近發佈的會計聲明

2023年11月，財務會計準則委員會（「FASB」）發佈了財務會計準則更新（「ASU」）第2023-07號，分部報告（主題280）：改進可報告分部披露。該ASU

12

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1.			重要會計政策（續）

經改進的報告分部披露要求，主要通過增強對重要分部費用的披露來實現。具體來說，新指導要求按年度和中期披露向首席經營決策者定期提供的重要分部費用，以及按報告分部列明其他分部項目的金額，並描述其構成。此外，修訂案爲僅具有一個報告分部的實體提供了新的分部披露要求。該標準將於2023年12月15日後開始的財政年度和2024年12月15日後開始的財政年度內的中期生效。我們預計此修訂不會對我們的合併財務報表產生實質影響。

2023年12月，FASB發佈了ASU No. 2023-09，所得稅（主題740）：改進所得稅披露。該ASU要求實體披露有效稅率調和中的特定類別，併爲調和項目提供額外信息，其中這些調和項目的影響等於或大於按適用法定所得稅率乘以稅前收入/虧損計算的金額的5％。此外，實體還被要求按司法管轄區細分披露截至當年的所得稅支付金額（扣除已收到的退款）。該標準適用於2024年12月15日後開始的財政年度。我們預計這項修正對我們的合併財務報表不會產生重大影響。

2. 投資

交易投資

我們定期通過證券化交易賣出私人教育貸款（以下簡稱），其中我們必須保留一個 五個營運部門：獵鷹創意集團、PDP、Sierra Parima、目的地運營和Falcon's Beyond Brands，所有這些板塊均爲可報告板塊。公司的首席營運決策者是執行主席和首席執行官，他們評估財務信息以做出營運決策、評估財務表現和分配資源。營運板塊基於產品線組織，對於我們的基於位置的娛樂板塊，根據地理位置組織。營運板塊的結果包括直接歸屬於板塊的成本，包括項目成本、工資和與工資有關的開支以及與業務板塊運營直接相關的間接費用。未分配的企業費用，包括高管、會計、財務、市場營銷、人力資源、法律和信息技術支持服務、審計、稅收企業法律開支的工資和相關福利，作爲未分配的企業開銷呈現，成爲報告板塊的總收入（虧損）和公司未經審計的彙總財務報表結果之間的調節項。 百分點的垂直風險留存利益（即 五個營運部門：獵鷹創意集團、PDP、Sierra Parima、目的地運營和Falcon's Beyond Brands，所有這些板塊均爲可報告板塊。公司的首席營運決策者是執行主席和首席執行官，他們評估財務信息以做出營運決策、評估財務表現和分配資源。營運板塊基於產品線組織，對於我們的基於位置的娛樂板塊，根據地理位置組織。營運板塊的結果包括直接歸屬於板塊的成本，包括項目成本、工資和與工資有關的開支以及與業務板塊運營直接相關的間接費用。未分配的企業費用，包括高管、會計、財務、市場營銷、人力資源、法律和信息技術支持服務、審計、稅收企業法律開支的工資和相關福利，作爲未分配的企業開銷呈現，成爲報告板塊的總收入（虧損）和公司未經審計的彙總財務報表結果之間的調節項。 百分比的證券化發行類的每個部分）。我們將這些與交易相關的垂直風險留存利益分類爲可供出售的投資，除了剩餘類中的利益，我們將其分類爲以公允價值記錄的交易投資，其變動通過損益記錄。截至2024年9月30日和2023年12月31日，我們分別擁有551百萬美元和54 百萬美元，作爲交易投資分類。

可供出售的投資

可供出售證券的攤銷成本和公允價值如下：

截至2024年9月30日 （以千美元爲單位）						攤餘成本						信貸損失準備金(1)						未實現的總收益額						毛額未實現虧損						估算公允價值
可供出售：
抵押支持證券						$	515,923					$	—					$	1,664					$	(54,875)					$	462,712
猶他州住房公司債券						2,849						—						—						(318)						2,531
美國政府支持的企業和國債						997,530						—						—						(31,323)						966,207
其他證券						596,955						—						7,024						(12,824)						591,155
總						$	2,113,257					$	—					$	8,688					$	(99,340)					$	2,022,605
截至2023年12月31日 （以千美元爲單位）						攤餘成本						信貸損失準備金(1)						未實現的總收益額						毛額未實現虧損						估算公允價值
可供出售：
抵押支持證券						$	468,204					$	—					$	703					$	(62,480)					$	406,427
猶他州住房公司債券						3,408						—						—						(279)						3,129
美國政府支持的企業和國債						1,645,609						—						—						(66,870)						1,578,739
其他證券						446,763						—						603						(24,039)						423,327
總						$	2,563,984					$	—					$	1,306					$	(153,668)					$	2,411,622

(1) 反映已在綜合資產負債表中確認的因信貸因素導致的損失金額（作爲可供出售證券的信用損失支出）。該金額不包括與非信貸因素相關的未實現損失。

13

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2.			投資（續）

以下表格總結了我們可供出售證券的毛未實現損失金額，以及處於未實現損失頭寸的證券的估計公允價值，按證券處於未實現損失頭寸的時間長短分類：

(以千美元計)						不超過12個月												12個月或更長時間												總費用
						毛利 未實現的 損失						預計 公正價值						毛利 未實現的 損失						預計 公正價值						毛利 未實現的 損失						預計 公正價值
截至2024年9月30日：
抵押支持證券						$	(101)					$	34,601					$	(54,774)					$	309,842					$	(54,875)					$	344,443
猶他州住房公司債券						—						—						(318)						2,531						(318)						2,531
美國政府支持的企業和國債						—						—						(31,323)						966,207						(31,323)						966,207
其他證券						(123)						22,933						(12,701)						206,952						(12,824)						229,885
總費用						$	(224)					$	57,534					$	(99,116)					$	1,485,532					$	(99,340)					$	1,543,066
截至2023年12月31日:
抵押支持證券						$	(531)					$	51,391					$	(61,949)					$	300,318					$	(62,480)					$	351,709
猶他州住房公司債券						—						—						(279)						3,129						(279)						3,129
美國政府支持的企業和國債						—						—						(66,870)						1,578,739						(66,870)						1,578,739
其他證券						(2,221)						90,725						(21,818)						241,253						(24,039)						331,978
總費用						$	(2,752)					$	142,116					$	(150,916)					$	2,123,439					$	(153,668)					$	2,265,555

在2024年9月30日和2023年12月31日， 19416.6%278和頁面。21316.6%248分別計入未實現損失位置的可供出售證券。

減值損失

對於可供出售的證券處於未實現損失的情況，我們首先評估我們是否打算出售，或者很可能需要在證券的攤銷成本回收之前賣出，。如果滿足這兩個標準中的任何一個，則將證券的攤銷成本基礎減記至公允價值以計入淨利潤。對於未實現損失的證券，如果不符合這些標準，我們將評估公允價值下降是否來源於信用損失或其他因素。在進行這一評估時，我們將考慮公允價值低於攤銷成本的程度、評級機構對證券評級的任何變化、特定於該證券的不利條件，以及可能適用於該證券的任何擔保（例如美國政府的擔保）。如果該評估表明存在信用損失，損失的與信貸相關部分將記錄爲該證券的準備損失。

我們的投資組合包含由Ginnie Mae、Fannie Mae和Freddie Mac發行的抵押支持證券，以及猶他州住房公司債券。我們持有這些證券是爲了滿足《社區再投資法案》（CRA）的要求。我們還投資於由聯邦住房貸款銀行、房利美及聯邦農業信貸銀行發行的其他美國政府支持企業證券。我們持有的由Ginnie Mae計劃發行的抵押支持證券得到美國政府的全額信用擔保。淨損失的剩餘抵押支持證券分別得到房利美或Freddie Mac的本息擔保。我們持有的國債和其他美國政府支持企業債券分別被穆迪投資者服務評爲Aaa級或標準普爾評爲AA+。我們有意願和能力持有這些債券一段足以使市場價格恢復至至少調整後攤銷成本的時間。基於這一定性分析，我們已確定不存在信用減值。

我們定期通過證券化交易出售私人教育貸款，在這些交易中，我們被要求保留一個百分之 五個營運部門：獵鷹創意集團、PDP、Sierra Parima、目的地運營和Falcon's Beyond Brands，所有這些板塊均爲可報告板塊。公司的首席營運決策者是執行主席和首席執行官，他們評估財務信息以做出營運決策、評估財務表現和分配資源。營運板塊基於產品線組織，對於我們的基於位置的娛樂板塊，根據地理位置組織。營運板塊的結果包括直接歸屬於板塊的成本，包括項目成本、工資和與工資有關的開支以及與業務板塊運營直接相關的間接費用。未分配的企業費用，包括高管、會計、財務、市場營銷、人力資源、法律和信息技術支持服務、審計、稅收企業法律開支的工資和相關福利，作爲未分配的企業開銷呈現，成爲報告板塊的總收入（虧損）和公司未經審計的彙總財務報表結果之間的調節項。垂直風險留存利益。我們將非殘餘垂直風險保留利益分類爲可供出售的投資。我們有意願和能力持有這些債券，直到市場價格恢復至至少安全-半導體的調整攤銷成本。我們預計會收到與這些投資相關的所有合同現金流，並不認爲存在信用損失。

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2.			投資（續）

截至2024年9月30日，按合同到期日攤銷成本和公允價值的證券概述如下。 由於提前還款的影響，合同到期日與實際到期日可能有所不同。

截至 2024 年 9 月 30 日 到期年份 （以千美元計）						攤銷成本						估計公允價值
2024						$	49,998					$	49,922
2025						299,564						296,634
2026						549,052						522,070
2027						98,916						97,582
2038						66						68
2039						561						563
2042						2,152						1,914
2043						3,813						3,512
2044						4,125						3,867
2045						4,567						4,170
2046						7,014						6,318
2047						6,980						6,339
2048						1,706						1,597
2049						14,973						13,648
2050						102,417						84,272
2051						146,699						119,429
2052						59,033						53,601
2053						312,243						310,480
2054						132,881						128,397
2055						75,043						73,470
2056						200,334						202,800
2058						41,120						41,952
總計						$	2,113,257					$	2,022,605

部分按揭支持債券和部分政府證券已被質押給聯邦儲備銀行（「FRB」）作爲對FRB主要信貸融資計劃下任何提款和應計利息的抵押，我們在2024年9月30日和2023年12月31日分別向這一借款機構質押了$610萬美元和612 百萬美元的證券面值，具體討論請參閱基本報表附註第9條「借款」在此表格10-Q中。

其他投資

非流通證券投資

我們持有非上市證券投資，並以成本減值計提之外加上或減去相同或相似發行人的證券可觀察價格變動。市場價值變動記錄在收入表內。由於這些爲非上市證券，我們使用相同或相似發行人的證券可觀察價格變動，或者在無法獲得可觀察價格時，使用類似實體的市場數據來確定證券價值的任何變動。在2024年第三季度，我們爲一個我們之前未購買過證券的發行人的非上市證券投資提供資金。截至2024年9月30日和2023年12月31日，我們在非上市證券的總投資額爲$24萬美元和14百萬。

15

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2.			投資（續）

低收入住房稅收抵免投資

我們投資於符合低收入住房稅收抵免計劃（LIHTC）資格的經濟適用房項目，該計劃旨在促進私人開發低收入住房。這些投資主要通過聯邦稅收抵免的實現和基礎物業淨營運虧損的稅收優惠來獲得回報。LIHTC投資的總賬面價值爲$84 百萬美元，在2024年9月30日爲$72 百萬美元，在2023年12月31日爲$33百萬美元。在投資期間，我們週期性地需要提供額外的財務支持。未撥款承諾的負債在2024年9月30日爲$30 百萬美元，在2023年12月31日爲$

關於這些投資，我們通過稅項（利潤）支出的形式確認了稅收抵免和其他稅收優惠，金額爲$2百萬，在2024年9月30日；$11 百萬，在2023年12月31日。稅收抵免和其他稅收優惠被視爲我們年度有效稅率的一部分，用於判斷給定季度的稅收支出。因此，在任何給定季度中確認的全年預期稅收優惠的比例可能會有所不同。 25截至2024年3月31日，版權責任反映了5.0%的有效收益。

3. 投資持有的貸款

投資持有的貸款包括私人教育貸款。我們使用「私人教育貸款」指的是向學生或其家庭提供的教育貸款，該貸款不是由任何州或聯邦政府提供、保險或擔保的。私人教育貸款不包括根據先前的聯邦家庭教育貸款計劃（FFELP）保險或擔保的貸款。2024年9月30日，我們將剩餘的FFELP貸款組合轉移到持售貸款中。有關更多信息，請參閱綜合財務報表附註第4節「持售貸款」。

我們的私人教育貸款主要用於填補高等教育費用與通過助學金、政府貸款和客戶資源獲得的金額之間的差距。私人教育貸款承擔客戶的全部信用風險。我們通過風險績效覈保策略和合格的共同簽署者管理這種風險。私人教育貸款可以是固定利率，也可以是按照SOFR，即擔保隔夜融資利率，指數化的浮動利率。截至2024年9月30日和2023年12月31日， 24 百分比和 33 百分比，我們所有私人教育貸款中分別以SOFR作爲基準。我們爲客戶提供激勵，鼓勵他們在貸款中加入共同簽署者，我們的貸款組合中絕大部分私人教育貸款均有共同簽署。我們還鼓勵客戶在學校期間進行還款。

FFELP貸款在違約情況下，其本金和應計利息的保險，根據貸款發放日期的風險分擔水平而定。這些保險責任得到了針對美國政府的合同權利支持。對於2006年7月1日或之後發放的貸款，我們收到百分之*保費的所有符合條件的報銷。 97 對於1993年10月1日之後、2006年7月1日之前發放的貸款，我們收到*百分比的所有符合條件的報銷。 98 對於1993年10月1日之前發放的貸款，我們收到*百分比的所有符合條件的報銷。 100 對於1993年10月1日之前發放的貸款，我們收到*百分比的所有符合條件的報銷。

在 2024 年的前九個月中，我們認可了 $255出售約美元可獲得百萬美元的收益3.69十億美元的私人教育貸款，包括美元3.42十億美元的本金和美元274向非關聯第三方支付百萬美元資本利息。在 2023 年的前九個月中，我們認可了 $128出售約美元可獲得百萬美元的收益2.10十億美元的私人教育貸款，包括美元1.96十億美元的本金和美元144向無關聯的第三方支付百萬美元的資本利息。在執行某些貸款銷售時創建了VIE；但是，根據我們的合併分析，我們不是這些VIE的主要受益者。這些交易符合出售待遇條件，並在相應的結算日期從我們的資產負債表中扣除了貸款餘額。根據與銷售相關的適用服務協議，我們仍然是這些貸款的服務提供商。有關更多信息，請參閱本10-Q表格中的合併財務報表附註9，「借款——未合併的VIE」。

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3.			投資持有的貸款（續）

投資持有的貸款總結如下：

						2020年9月30日						12月31日
(以千美元計)						2024						2023
私人教育貸款：
固定利率						$	16,510,149					$	13,985,791
可變利率						5,267,317						7,040,053
私人教育貸款總額，毛值						21,777,466						21,025,844
遞延發放成本和未攤銷的溢價/(折扣)						96,088						81,554
信貸損失準備金						(1,413,621)						(1,335,105)
淨私人教育貸款總額						20,459,933						19,772,293
聯邦家長加固貸款計劃貸款(1)						—						537,401
遞延發行成本和未攤銷的溢價/(貼水)						—						1,330
信貸損失準備金						—						(4,667)
淨聯邦家長加固貸款總額						—						534,064
持有投資貸款淨額資產						$	20,459,933					$	20,306,357

 (1) FFELP貸款於2024年9月30日轉移到待售貸款。

我們投資組合中教育貸款的預計加權平均壽命分別約爲 5.4年和5.0 年，分別是2024年9月30日和2023年12月31日。

我們投資組合中持有的貸款的平均餘額（淨溢價/（折扣））和相應的加權平均利率如下所示：

						2024												2023
截至9月30日的三個月 （以千美元爲單位）						平均餘額						加權平均利率						平均餘額						加權平均利率
私人教育貸款						$	20,497,173					10.79		%				$	20,649,663					10.96		%
聯邦家庭教育貸款計劃貸款(1)						—						—						563,502						7.35
總投資組合						$	20,497,173											$	21,213,165

						2024												2023
截至9月30日的九個月 （以千美元爲單位）						平均餘額						加權平均利率						平均餘額						加權平均利率
私人教育貸款						$	20,805,777					10.90		%				$	21,032,541					10.80		%
聯邦教育貸款計劃貸款(1)						—						—						583,427						7.10
總投資組合						$	20,805,777											$	21,615,968

(1) FFELP貸款於2024年9月30日轉讓爲待售貸款。

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4. 待售貸款

我們從產品銷售（專有軟件許可證，第三方硬件和操作系統）、訂閱和維護以及專業服務中獲得並報告營業收入。2024年6月30日結束的三個月中，產品銷售營業收入總計爲$百萬，2019年和2018年相應爲$百萬。4862024年9月30日，我們持有的貸款金額爲百萬美元， 否 2023年12月31日的貸款持有額。2024年9月30日的餘額包括我們的FFELP貸款組合。2024年9月30日，我們對這一貸款組合進行了減值，使其調整爲估計公允價值，金額爲$8股票回購活動以及因員工基於股票的補償目的而重新發行國庫股的情況如下：

5. 信用損失備抵金

我們的信貸損失準備金代表維持充足以吸收持有的投資貸款組合中預期信用損失的預期費用。信貸損失準備金的評估在本質上是主觀的，因爲它需要可能會受到顯著變化的重要估計。我們認爲信貸損失準備金足以覆蓋貸款組合中預期的終身損失。有關聯合財務報表附註，請查看我們2023年第10-k表格中「重要會計政策 - 信貸損失準備金 - 私人教育貸款損失準備金，- 聯邦家庭教育貸款計劃（FFELP）損失準備金」的第二部分，以獲取更詳細的討論。

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5.			信貸損失準備金（續）

資產信用損失準備指標

2024年9月30日止三個月 （以千美元爲單位）						FFELP 貸款						私人教育 貸款												總費用
信用減值準備
期初餘額						$	4,060					$	1,265,592											$	1,269,652
從未撥款承諾責任轉移(1)						—						115,421												115,421
規定：
本期計提						4,368						109,196												113,564
總準備金(2)						4,368						109,196												113,564
淨覈銷：
覈銷						(131)						(87,737)												(87,868)
康復						—						11,149												11,149
淨覈銷額						(131)						(76,588)												(76,719)
轉讓貸款至待售產生的減值準備(3)						(8,297)						—												(8,297)
期末餘額						$	—					$	1,413,621											$	1,413,621
津貼(4):
期末餘額：集體進行減值測試						$	—					$	1,413,621											$	1,413,621
貸款(4):
期末餘額：集體進行減值測試						$	—					$	21,777,466											$	21,777,466
應計利息待資本化(4):
期末餘額：集體進行減值測試						$	—					$	1,390,774											$	1,390,774
年化償還中淨覈銷佔平均貸款的百分比(5)						—		%				2.08		%
撥備佔期末總貸款餘額和應資本化利息的百分比(6)						—		%				6.10		%
撥備佔期末償還及應資本化利息的貸款餘額的百分比(5)(6)						—		%				8.91		%
淨覈銷的撥備覆蓋率（年化）						—						4.61
期末總貸款總額，總額						$	—					$	21,777,466
償還中的平均貸款(5)						$	—					$	14,708,205
償還中的期末貸款(5)						$	—					$	15,360,255
應 capitalization 在償還貸款的利息(7)						$	—					$	513,121

(1) 請查看本10-Q表格中「未融資貸款承諾」第6條款，了解未撥款貸款承諾準備金和餘額的概況。

(2) 以下是財務報表中報告的信貸損失準備金的調解情況。當進行新的貸款承諾時，我們會記錄CECL準備金作爲未撥資貸款承諾的負債，通過記錄信貸損失準備金。當貸款撥款後，我們將該負債轉移到信用損失準備金。

截至2020年6月30日和2019年6月30日三個月和六個月的營業額 信用損失準備金協調
2024年9月30日結束的三個月（金額以千美元計）
私人教育貸款損失準備金：
貸款損失準備金						$	109,196
未撥款貸款承諾準備金						157,901
私人教育貸款損失準備金總額						267,097
對信用損失準備金的其他影響：
聯邦家長加固貸款計劃貸款						4,368
總費用						4,368
信貸損失準備金在綜合損益表中報告						$	271,465

(3) 代表轉移到持有待售貸款的公平值調整。

(4) 截至2024年9月30日，沒有對信用損失、貸款或應計利息進行資本化餘額進行逐筆評估。

(5) 處於償還狀態的貸款包括借款人只支付利息或固定付款的貸款，以及進入全額本息償還狀態的貸款，經過任何適用寬限期後（但出於表格目的，不包括處於寬限期中的貸款）。

(6) 應將應計利息資本化僅適用於私人教育貸款。

(7) 應資本化的待償貸款利息包括處於償還但尚未進入完全本金和利息償還狀態的貸款利息，在任何適用寬限期之後（但就表格而言，不包括貸款處於寬限期時的利息）。

19

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5.			信貸損失準備金（續）

2023年9月30日止三個月 （以千美元爲單位）						FFELP 貸款						私有的 教育 貸款												總費用
信用減值準備
期初餘額						$	4,422					$	1,360,294											$	1,364,716
從未撥款承諾責任轉移(1)						—						101,687												101,687
規定：
本期計提						666						44,423												45,089
總準備金(2)						666						44,423												45,089
淨覈銷：
覈銷						(272)						(104,865)												(105,137)
康復						—						9,693												9,693
淨覈銷額						(272)						(95,172)												(95,444)
期末餘額						$	4,816					$	1,411,232											$	1,416,048
津貼(3):
期末餘額：集體進行減值測試						$	4,816					$	1,411,232											$	1,416,048
貸款(3):
期末餘額：集體進行減值測試						$	554,309					$	21,680,867											$	22,235,176
應計利息待資本化(3):
期末餘額：集體進行減值測試						$	—					$	1,283,388											$	1,283,388
年化償還中淨覈銷佔平均貸款的百分比(4)						0.25		%				2.53		%
撥備佔期末總貸款餘額和應資本化利息的百分比(5)						0.87		%				6.15		%
撥備佔期末償還及應資本化利息的貸款餘額的百分比(4)(5)						1.15		%				8.84		%
淨覈銷的撥備覆蓋率（年化）						4.43						3.71
期末總貸款總額，總額						$	554,309					$	21,680,867
償還中的平均貸款(4)						$	428,028					$	15,023,993
償還中的期末貸款(4)						$	418,022					$	15,505,145
應 capitalization 在償還貸款的利息(6)						$	—					$	464,807

(1) 請參閱本10-Q表格中的第6條「未撥款貸款承諾」註解，了解未撥款貸款承諾準備金活動和餘額的摘要。

(2) 以下是在綜合收益表中報告的信貸損失準備金的對賬情況。當作出新的貸款承諾時，我們會將CECL準備金記錄爲未融資貸款承諾的負債，通過記錄信貸損失準備金形成準備金。當貸款得到融資時，我們會將該負債轉移至信貸損失準備金。

截至2020年6月30日和2019年6月30日三個月和六個月的營業額 信貸損失準備金對賬
2023年9月30日結束的三個月（金額以千美元計）
私人教育貸款信貸損失準備金：
貸款損失準備金						$	44,423
未撥款貸款承諾準備金						152,934
私人教育貸款信貸損失總額						197,357
信貸損失準備金的其他影響：
聯邦家長加固貸款計劃貸款						666
總費用						666
在綜合損益表中報告的信貸損失準備金						$	198,023

(3) 截至2023年9月30日的三個月內，沒有針對信貸損失、貸款或應計利息而進行資本化評估的餘額被單獨評估爲受損。

(4) 處於償還階段的貸款包括僅付利息或固定付款的貸款，以及在適用的寬限期後進入全額本金和利息償還狀態的貸款（但出於表格目的，不包括處於寬限期中的貸款）。

(5) 應將應計利息資本化僅適用於私人教育貸款。

(6) 應資本化的待償貸款利息包括處於償還但尚未進入完全本金和利息償還狀態的貸款利息，在任何適用寬限期之後（但就表格而言，不包括貸款處於寬限期時的利息）。

l

20

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5.			信貸損失準備金（續）

2024年9月30日止九個月 （以千美元爲單位）						FFELP 貸款						私人教育 貸款												總費用
信用減值準備
期初餘額						$	4,667					$	1,335,105											$	1,339,772
從未撥款承諾責任轉移(1)						—						276,750												276,750
規定：
本期計提						4,010						276,534												280,544
貸款出售減少以提供						—						(235,955)												(235,955)
總準備金(2)						4,010						40,579												44,589
淨覈銷：
覈銷						(380)						(272,653)												(273,033)
康復						—						33,840												33,840
淨覈銷額						(380)						(238,813)												(239,193)
轉讓貸款至待售產生的減值準備(3)						(8,297)						—												(8,297)
期末餘額						$	—					$	1,413,621											$	1,413,621
津貼(4):
期末餘額：集體進行減值測試						$	—					$	1,413,621											$	1,413,621
貸款(4):
期末餘額：集體進行減值測試						$	—					$	21,777,466											$	21,777,466
應計利息待資本化(4):
期末餘額：集體進行減值測試						$	—					$	1,390,774											$	1,390,774
年化償還中淨覈銷佔平均貸款的百分比(5)						—		%				2.13		%
撥備佔期末總貸款餘額和應資本化利息的百分比(6)						—		%				6.10		%
撥備佔期末償還及應資本化利息的貸款餘額的百分比(5)(6)						—		%				8.91		%
淨覈銷的撥備覆蓋率（年化）						—						4.44
期末總貸款總額，總額						$	—					$	21,777,466
償還中的平均貸款(5)						$	—					$	14,944,421
償還中的期末貸款(5)						$	—					$	15,360,255
應 capitalization 在償還貸款的利息(7)						$	—					$	513,121

(1) 請參閱本10-Q表格中的第6條「未融資貸款承諾」註釋，分別概述未融資貸款承諾撥備活動和餘額。

(2) 以下是合併經營報表中報告的信貸損失準備金的對賬情況。當作出新的貸款承諾時，我們會通過記錄信貸損失準備金，將CECL津貼記錄爲無準備金貸款承諾的負債。貸款到位後，我們會將該負債轉入信貸損失備抵金。

截至2020年6月30日和2019年6月30日三個月和六個月的營業額 信用損失準備金協調
2024年9月30日截止的九個月（單位：千美元）
私人教育貸款損失準備金：
貸款損失準備金						$	40,579
未撥款貸款承諾準備金						255,747
私人教育貸款損失準備金總額						296,326
對信用損失準備金的其他影響：
聯邦家長加固貸款計劃貸款						4,010
總費用						4,010
信貸損失準備金在綜合損益表中報告						$	300,336

(3) 代表轉移到持有待售貸款的公平值調整。

(4) 截至2024年9月30日的九個月結束時，沒有對逾搞的資產準備金、貸款或應計利息作出個別評估來確定其資產減值。

(5) 處於償還狀態的貸款包括借款人只支付利息或固定付款的貸款，以及進入全額本息償還狀態的貸款，經過任何適用寬限期後（但出於表格目的，不包括處於寬限期中的貸款）。

(6) 應將應計利息資本化僅適用於私人教育貸款。

(7) 應資本化的待償貸款利息包括處於償還但尚未進入完全本金和利息償還狀態的貸款利息，在任何適用寬限期之後（但就表格而言，不包括貸款處於寬限期時的利息）。

21

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5.			信貸損失準備金（續）

2023年9月30日止九個月 （以千美元爲單位）						FFELP 貸款						私有的 教育 貸款												總費用
信用減值準備
期初餘額						$	3,444					$	1,353,631											$	1,357,075
從未撥款承諾責任轉移(1)						—						278,388												278,388
規定：
本期計提						2,225						196,859												199,084
貸款銷售減少爲準備金						—						(136,531)												(136,531)
總準備金(2)						2,225						60,328												62,553
淨覈銷：
覈銷						(853)						(314,500)												(315,353)
康復						—						33,385												33,385
淨覈銷額						(853)						(281,115)												(281,968)
期末餘額						$	4,816					$	1,411,232											$	1,416,048
津貼(3):
期末餘額：集體進行減值測試						$	4,816					$	1,411,232											$	1,416,048
貸款(3):
期末餘額：集體進行減值測試						$	554,309					$	21,680,867											$	22,235,176
應計利息待資本化(3):
期末餘額：集體進行減值測試						$	—					$	1,283,388											$	1,283,388
年化償還中淨覈銷佔平均貸款的百分比(4)						0.26		%				2.44		%
撥備佔期末總貸款餘額和應資本化利息的百分比(5)						0.87		%				6.15		%
撥備佔期末償還及應資本化利息的貸款餘額的百分比(4)(5)						1.15		%				8.84		%
淨覈銷的撥備覆蓋率（年化）						4.23						3.77
期末總貸款總額，總額						$	554,309					$	21,680,867
償還中的平均貸款(4)						$	440,716					$	15,358,596
償還中的期末貸款(4)						$	418,022					$	15,505,145
應 capitalization 在償還貸款的利息(6)						$	—					$	464,807

(1) 請參閱本10-Q表格中「未擔保貸款承諾」第6條款，了解未擔保貸款承諾準備金活動情況和餘額。

(2) 以下是合併經營報表中報告的信貸損失準備金的對賬情況。當作出新的貸款承諾時，我們會通過記錄信貸損失準備金，將CECL津貼記錄爲無準備金貸款承諾的負債。貸款到位後，我們會將該負債轉入信貸損失備抵金。

截至2020年6月30日和2019年6月30日三個月和六個月的營業額 信用損失準備金協調
2023年9月30日截至的九個月（單位：千美元）
私人教育貸款損失準備金：
貸款損失準備金						$	60,328
未撥款貸款承諾準備金						267,311
私人教育貸款損失準備金總額						327,639
對信用損失準備金的其他影響：
聯邦家長加固貸款計劃貸款						$	2,225
總費用						2,225
信貸損失準備金在綜合損益表中報告						$	329,864

(3) 截至2023年9月30日止九個月的期間，沒有針對逐筆評估減值的信貸損失準備金、貸款或應計利息應資本化餘額。

(4) 處於償還狀態的貸款包括借款人只支付利息或固定付款的貸款，以及進入全額本息償還狀態的貸款，經過任何適用寬限期後（但出於表格目的，不包括處於寬限期中的貸款）。

(5) 應將應計利息資本化僅適用於私人教育貸款。

(6) 應資本化的待償貸款利息包括處於償還但尚未進入完全本金和利息償還狀態的貸款利息，在任何適用寬限期之後（但就表格而言，不包括貸款處於寬限期時的利息）。

22

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5.			信貸損失準備金（續）

信用減值準備

2024年第二季度，我們實施了一個貸款級未來違約率模型，包括當前投資組合特徵和對實際國內生產總值、大學畢業生失業率的預測。在2024年第二季度，我們還實施了一個未來提前償還速度模型，包括對實際國內生產總值、零售銷售額、SOFR和美國10年期國債利率的預測。這些模型相對於以往的違約率和提前償還速度模型減少了對某些定性覆蓋的依賴。在這些變化之前，我們的損失模型使用了對大學畢業生失業率、零售銷售額、房屋價格指數和家庭收入中位數的預測。未來違約率模型和未來提前償還速度模型均用於確定信貸損失準備金的充足性。實施這些模型增強和相關定性覆蓋變化後的聯合影響對我們信貸損失準備金的整體水平沒有產生實質影響。

我們從穆迪分析獲得我們損失模型輸入的預測。穆迪分析爲每個輸入提供了一系列預測，各種發生可能性。我們判斷哪些預測將包括在我們對信貸損失撥備的估算中，並確定各個輸入的權重。2024年9月30日、2023年12月31日和2023年9月30日，我們使用基準（發生可能性爲50%）/S1（更強的近期增長情景-發生可能性爲10%）/S3（不利（或下行）情景-發生可能性爲10%），並將它們分別加權爲40%、30%和30%。每季度管理層都會審查這兩種情景及其各自的權重，以確定信貸損失準備金。

2024年9月30日結束的九個月內，信貸損失準備金減少了$30百萬美元，與去年同期相比。2024年9月30日結束的九個月內，信貸損失準備金主要受到$236百萬美元的負準備金的影響，這是由於2024年頭九個月間$3.69億美元的私人教育貸款銷售，改善的經濟前景，管理覆蓋層和回收率變化的影響，抵消了新的貸款承諾，淨額過期承諾，以及由於我們對歷史長期平均預付速度的估計在兩年合理且可支持期間結束後而導致的準備金增加。在去年同期，信貸損失準備金主要受到新的貸款承諾，淨額過期承諾，較慢的預付率，管理覆蓋層和經濟前景變化的影響，這些影響被$137百萬美元的負準備金所抵消，這是由於2023年頭九個月間$2.10億美元的私人教育貸款銷售和回收率增加。

作爲結束對信貸損失撥備充分性的一部分，我們審查關鍵的撥備和貸款指標。 其中最重要的指標是淨覈銷比率的撥備覆蓋率； 撥備佔期末總貸款的百分比和待資本化的應計利息以及處於償還狀態的期末貸款和待資本化的應計利息； 以及逾期和寬限比例。

借款人遇到財務困難的貸款修改

信用損失準備金包括預期信用損失的壽命估計，並在資產原始或獲取時記錄在每個資產上。 信用損失準備金估計的起點是歷史信息，其中包括來自處於經濟困難中的借款人的應收款項修改導致的損失。 我們使用折現現金流模型來判斷信用損失準備金。 對借款人是否處於經濟困難中的評估是在修改日期進行的。

由於用於估計準備金的計量方法已經包含了對面臨財務困難的借款人進行的大多數貸款修改的影響，因此未來現金流的預測會隨着貸款修改的發生而更新。

當我們認爲這些更改將有助於幫助我們的客戶管理他們的學生貸款責任並取得更好的學生結果，並提高貸款的可收回性時，我們會調整某些借款人的貸款條款。 這些更改通常採取暫停還款的形式，暫時或永久降低利率，暫時或永久降低利率並永久延長貸款期限，以及/或提供短期延期償還的替代方案。 針對那些及時還款的借款人，我們會未來授予寬限期，對於某些拖欠的借款人，可能會回溯授予寬限期。

當我們爲面臨財務困難的借款人提供我們的計劃中的利率減免時，我們會評估他們償還能力，並根據他們的財務狀況提供定製的還款條件。在2024年第三季度之前，作爲證明償還能力和願意付款的一部分，借款人需要連續做三個月的減免金額支付才能有資格參加修改計劃，並且如果適用，貸款才能重新覈定並變成當前狀態。從2024年第三季度開始，我們在這個領域改進了我們的做法，當我們判斷借款人的償還能力並且他們同意修改後，貸款就會被修改

23

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5.			信貸損失準備金（續）

立即。修改後，借款人仍須按照減少的還款金額連續支付三個月的款項，以便貸款重新計息並處於當前狀態，如果符合條件的話。根據我們的慣例，任何已經接受過利率減免或永久展期的貸款，在修改後通常不再具備重新計息的資格。在這種情況下，修改後，貸款將繼續處於拖欠狀態，直到所有逾期款項被支付並且貸款被處理爲當前狀態。

根據我們的程序，我們將貸款最終到期日的永久延期僅限制爲貸款壽命內一次，並將利率降低的次數限制爲貸款壽命內兩次。在適當的情況下，只要借款人符合條件，我們將允許連續兩次降低利率。我們相信通過根據借款人當前的財務狀況量身定製修改計劃，而非採取一刀切的方式，可以增加借款人能夠支付修改後款項並避免違約的可能性。給予正在經歷更嚴重困境的不同借款人不同的利率優惠的這種做法還有助於我們更好地管理向借款人提供的整體援助。

在私人教育貸款組合中，我們認爲逾期天數超過的貸款爲不良。 90 天未償還的FFELP貸款被視爲不良。FFELP貸款的本金和應計利息在違約情況下至少得到聯邦政府的擔保，因此，我們不會考慮FFELP貸款存在信用風險的不良情況，在申領付款之前該類貸款仍然會產生利息。 97 在私人教育貸款組合中，我們認爲超過天的貸款爲不良。FFELP貸款的本金和應計利息至少得到聯邦政府的保證，因此在可能索賠前，我們並不認爲FFELP貸款存在信用風險，並會繼續爲這些貸款計提利息至索賠日期。

有關更多信息，請參閱我們2023年10-K表格中的基本報表附註，注2「重大會計政策-信貸損失準備」和注7「信貸損失準備」部分。

根據我們目前的寬限做法，一般會在借款人暫緩支付期間的兩個月內給予暫緩，貸款的整個期限內最長可達四個月，每次暫緩之間需要借款人連續償還四個月的正常還款表現（也就是借款人需要累計償還等同於貸款月還款額的金額）。詳情請參閱基本報表附註第5頁，「投資持有貸款 - 私人教育貸款」的相關注釋，在我們公司2023年度10-k表中。 之一至每次暫緩期一般以兩個月爲單位，貸款期限內最長可達四個月，在借款人需連續表現積極還款的四個月之間給予暫緩（意味着借款人需支付累計金額相當於貸款要求的月還款數）。請參閱基本報表附註第5頁，「投資持有貸款 - 私人教育貸款」和我們2023年度10-k表中基本報表附註第2頁，「重要會計政策」中的相關內容。 根據我們目前的寬限做法，借款人一般可連續獲得兩個月的暫緩，貸款期內最多達四個月，要求借款人在暫緩之間有四個月的正面支付表現（意味着借款人需支付相當於貸款月還款金額的累計金額）。詳情請參閱基本報表附註第5頁，「投資持有貸款 — 私人教育貸款」和我們2023年度10-K表中的相關說明。 12 根據我們目前的寬限措施，借款人一般可在貸款期內的四個月內獲得兩個月的暫緩，要求借款人在每次暫緩之間連續有四個月的積極支付表現（即借款人需支付的累積金額相當於貸款期間的月還款金額）。詳情請參閱基本報表附註第5頁，「投資持有貸款 - 私人教育貸款」中的相關注釋，在我們2023年度10-k表中。 12 根據我們目前的寬限做法，借款人通常在四個月內取得暫緩，貸款期間需實現正面支付表現四個月，每次暫緩間必須有借款人支付相當於四個月貸款要求金額的累積款項。詳情請參閱基本報表附註第5頁，「投資持有貸款 — 私人教育貸款」和我們2023年度10-k表中的相關情況記錄。 12 根據我們目前的寬限做法，通常會給予借款人暫緩支付的次數不會超過顯著性門檻，因此我們認爲給予的暫緩不會被視爲貸款調整，這是由於借款人受到暫緩次數的限制。請參閱我們2023年度10-K表中基本報表附註第2頁，「重要會計政策」和基本報表附註第5頁，「投資持有貸款 — 私人教育貸款」有關ASU No. 2022-02的採納。依據ASU No. 2022-02條例，若債務已曾重組，實體在確定當前重組導致的延遲支付是否微不足道時，必須考慮過去12個月內進行的重組的累積效應。

上述關於寬限期授權限制的描述適用於困難寬限期。 我們提供其他行政寬限期（例如，因死亡和殘疾、破產、軍工-半導體服務、災難寬限和學校援助而需要的寬限期），這些寬限期要麼是法律要求的（例如《軍人民事救濟法》），要麼被視爲與我們的主動損失緩解計劃相分離，因此不被視爲根據ASU No. 2022-02要求進行披露的貸款調整。此外，我們可能有限地提供貸款人期限延長、利率降低或二者結合的選擇，以減少合併活動。 對於本披露，我們不認爲這些是向面臨財務困難的借款人貸款的修改，因此它們不包括在下表中。

2023年第四季度，我們開發了額外的修改計劃，根據個體借款人的財務狀況定製。根據這些額外的修改計劃，對於我們遇到最嚴重財務困境的借款人，我們目前可能將貸款的合約利率降低至低至 2 的剩餘存續期間，並且永久延長貸款的最終到期日。其他遇到嚴重困難的借款人可能不需要那麼多幫助，然而，考慮到他們的情況，在這種情況下，我們可能將貸款的合約利率降低至高於 2 的比率，最高可達 8 的短期內，並且在某些情況下還可能永久延長貸款的最終到期日。這些新的計劃反映在下面的表格中。 兩個至公司使用資產和負債的會計方法來計算所得稅。根據這種方法，根據資產和負債的金融報表及稅基之間的暫時區別，使用實施稅率來決定遞延稅資產和遞延稅負債，該稅率適用於預期差異將反轉的年份。稅法的任何修改對遞延稅資產和負債的影響將於生效日期在財務報告期內確認在彙總的綜合收益報表上。

作爲2023年第四季度推出的額外修改計劃的一部分，我們還提供了一個爲期短暫時間的永久期限延長計劃，不降低利率。該計劃於2023年第四季度結束。該計劃的攤銷成本總計爲$8.2存入資金 0.04 私人教育貸款組合總額的百分比。該計劃使貸款的平均壽命延長了 6.7 年。截至2024年9月30日，其中有$6.8 百萬的這些貸款處於正常或延期狀態，$0.7 百萬的這些貸款逾期30-59天，$0.3 百萬的這些貸款逾期60-89天，以及$0.4 百萬的這些貸款逾期90天或更長時間。截至2024年9月30日止三個月內，有$0.5百萬筆修改貸款1 （含$0.5百萬

1 代表截至2024年9月30日適用的私人教育貸款的攤銷成本基礎。

24

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5.			信貸損失準備金（續）

此計劃中出現了在接受期限延期後的12個月內逾期60天的未償本金餘額爲的發生的$0.2在接受期限延期後的12個月內沖銷的百萬美元貸款。截至2024年9月30日的九個月中，有$1.1 百萬美元修改過的貸款2 （貸款逾期60天時的未償本金餘額爲$1.2 此計劃中出現了在接受期限延期後的12個月內逾期60天的未償本金餘額爲的發生的$0.3 在接受期限延期後的12個月內沖銷的百萬美元貸款。

以下表格顯示了期末調整後的攤銷成本基礎，根據貸款人在貸款期間經歷財務困難而進行的修改，按融資應收款類別和修改類型細分。當我們在學年初批准一項私人教育貸款時，我們並不總是在批准時就發放全部貸款金額，而是有義務在以後的某個日期資助部分貸款（通常在第二學期或隨後學期的開始）。我們認爲，在他們離開學校並且難以按計劃還本付息時，借款人處於財務困境。2024年9月30日結束的三個月和九個月內，貸款修改的增加與去年同期比較主要是由於2023年第四季度實施了額外的修改計劃，以及對這些計劃的細化，如前述。

						對於遇到財務困難的借款人進行貸款修改
2024年9月30日止三個月 （以千美元爲單位）						降低利率												組合-利率降低和期限延長
貸款類型:						攤銷成本基礎						財務應收賬款總額的百分比						攤銷成本基礎						財務應收賬款總額的百分比
私人教育貸款						$	21,159					0.09		%				$	449,484					1.92		%
總費用						$	21,159					0.09		%				$	449,484					1.92		%

						對於遇到財務困難的借款人進行貸款修改
2023年9月30日止三個月 （以千美元爲單位）						降低利率												組合-利率降低和期限延長
貸款類型:						攤銷成本基礎						財務應收賬款總額的百分比						攤銷成本基礎						財務應收賬款總額的百分比
私人教育貸款						$	16,620					0.07		%				$	90,193					0.39		%
總費用						$	16,620					0.07		%				$	90,193					0.39		%

						對於遇到財務困難的借款人進行貸款修改
2024年9月30日止九個月 （以千美元爲單位）						降低利率												組合 - 利率減少和期限延長
貸款類型:						攤銷成本基礎						財務應收賬款總額的百分比						攤銷成本基礎						財務應收賬款總額的百分比
私人教育貸款						$	28,633					0.12		%				$	937,723					4.01		%
總費用						$	28,633					0.12		%				$	937,723					4.01		%

2 代表截至2024年9月30日適用的私人教育貸款的攤銷成本基礎。

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5.			信貸損失準備金（續）

						對於遇到財務困難的借款人進行貸款修改
2023年9月30日止九個月 （以千美元爲單位）						降低利率												組合-利率減少和期限延長
貸款類型:						攤銷成本基礎						財務應收賬款總額的百分比						攤銷成本基礎						財務應收賬款總額的百分比
私人教育貸款						$	39,263					0.17		%				$	254,639					1.10		%
總費用						$	39,263					0.17		%				$	254,639					1.10		%

以下表格描述了對貸款進行的修改所產生的財務影響，借款人正在經歷財務困難：

2024年9月30日止三個月

降低利率

組合-利率 降低和期限延長

貸款類型

財務影響

貸款類型

財務影響

私人教育貸款

從降低平均合同利率開始 13.16可以降低至0.75%每年3.59%

私人教育貸款

增加了加權平均 9.42 將貸款壽命延長至多年 從降低平均合同利率開始 12.58可以降低至0.75%每年3.51%

2023年9月30日止三個月

降低利率

組合-利率 減少和延長期限

貸款類型

財務影響

貸款類型

財務影響

私人教育貸款

從降低平均合同利率開始 13.57可以降低至0.75%每年4.00%

私人教育貸款

增加了加權平均 10.22 年份至貸款壽命 從降低平均合同利率開始 13.12可以降低至0.75%每年4.00%

2024年9月30日止九個月

降低利率

組合 - 利率 減少和期限延長

貸款類型

財務影響

貸款類型

財務影響

私人教育貸款

從降低平均合同利率開始 13.18可以降低至0.75%每年3.59%

私人教育貸款

新增加權平均 9.21 年增加貸款壽命 從降低平均合同利率開始 12.69可以降低至0.75%每年3.60%

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5.			信貸損失準備金（續）

2023年9月30日止九個月

降低利率

組合 - 利率 減少和期限延長

貸款類型

財務影響

貸款類型

財務影響

私人教育貸款

降低了平均合同利率從 13.29可以降低至0.75%每年4.00%

私人教育貸款

增加了加權平均 10.24 年到貸款的壽命 降低了平均合同利率從 12.84可以降低至0.75%每年4.00%

私人教育貸款通常會在貸款到期月末被計提壞賬準備 120 逾期天數達到固定天數或者貸款被我們或監管機構列爲損失時，私人教育貸款的攤銷成本會減少不可收回金額，信用損失準備金也會相應減少。請參閱2023年10-k表格中我們基本報表附註2「重要會計政策 — 信用損失準備金 — 私人教育貸款損失準備和 — FFELP貸款損失準備」了解更詳細的討論。

在呈現的週期內，以下表格提供了在展示期間任何時點發生過貸款更改的折舊成本基礎和未償本金基礎。 60 在貸款獲得貸款更改後的12個月內，呈現期間有超過多少天逾期的貸款，並在貸款獲得貸款更改後的12個月內總結呈現期間發生的核銷。 2024年9月30日結束的三個月和九個月內，貸款更改的增加與去年同期相比，主要是由於在2023年第四季度實施的先前描述的額外修改計劃和對這些計劃的調整。以下表格不包括在2023年第四季度延長沒有利率降低的永久條件的貸款，這些已經在上面討論過。

						截至2022年1月31日三個月的期間結束 2024年9月30日																		截至2022年1月31日三個月的期間結束  2023年9月30日
(以千美元計)						修改後的貸款(1)(2)						付款違約(4)						覈銷(5)						修改貸款(1)(2)						付款違約(4)						覈銷(5)
貸款類型:
私人教育貸款						$	87,722					$	86,969					$	18,056					$	14,546					$	14,129					$	4,534
總費用						$	87,722					$	86,969					$	18,056					$	14,546					$	14,129					$	4,534

						九個月截至 2024年9月30日																		九個月截至  2023年9月30日
(以千美元計)						修改後的貸款(1)(3)						付款違約(4)						覈銷(5)						修改後的貸款(1)(3)						付款違約(4)						覈銷(5)
貸款類型:
私人教育貸款						$	121,032					$	123,127					$	20,564					$	26,449					$	27,672					$	6,428
總費用						$	121,032					$	123,127					$	20,564					$	26,449					$	27,672					$	6,428

(1) 代表在報告期末處於逾期狀態並在獲得修改後的12個月內的貸款的攤銷成本基礎。 60 報告期內逾期天數爲多少天並處於收到修改的12個月內。

(2) 截至2024年9月30日止三個月，經修改的貸款中包括$83.1百萬美元的利率降低和期限延長貸款修改，以及$4.6百萬美元的僅利率降低貸款修改。截至2023年9月30日止三個月，經修改的貸款中包括$12.4百萬美元的利率降低和期限延長貸款修改，以及$2.1百萬美元的僅利率降低貸款修改。

(3) 截至2024年9月30日的九個月，改貸款包括$115.4百萬美元的利率減免和期限延長貸款修改，以及$5.7百萬美元的僅利率減免貸款修改。截至2023年9月30日的九個月，改貸款包括$23.0百萬美元的利率減免和期限延長貸款修改，以及$3.4百萬美元的僅利率減免貸款修改。

(4) 代表修改貸款時的未償本金餘額 60 經過貸款修改後的12個月內，貸款已逾期 days 或以上。

(5) 代表了覈銷時的未償本金餘額。

27

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5.			信貸損失準備金（續）

我們密切監控向遇到財務困難的借款人提供修改的貸款表現，以了解修改措施的有效性。 以下表格分別描述了在2024年9月30日前九個月內、在2024年9月30日前十二個月內以及在2023年12月31日前十二個月內進行了修改的貸款表現。 在2023年第四季度未接受永久性合同延期並沒有利率降低的貸款不包括在下表中，但已在上文討論過。

						九個月結束 2024年9月30日									12個月結束。 2024年9月30日									12個月結束。 2023年12月31日
(以千美元計)						餘額			%						餘額			%						餘額			%
支付狀態（攤銷成本基礎）：
延期中的貸款修改(1)						$	24,946								$	28,327								$	6,843
還款中的貸款修改：
貸款目前正常(2)(3)						766,273			81		%				837,473			82		%				334,967			90		%
貸款逾期30-59天(2)(3)						74,279			8		%				77,145			8		%				17,205			4		%
貸款逾期60-89天(2)(3)						43,208			5		%				44,846			4		%				7,689			2		%
逾期90天或更久的貸款(2)(3)						57,650			6		%				61,399			6		%				13,822			4		%
還款方案總計的貸款修改						941,410			100		%				1,020,863			100		%				373,683			100		%
私人教育貸款修改總數						$	966,356								$	1,049,190								$	380,526

(1) 延期包括已返校學習或從事其他允許的教育活動，並且尚未被要求全額償還貸款本金和利息的客戶（例如，醫學生的住院期或律師考試準備期的寬限期）。延期還包括在貸款修改獲准後進入寬限期的貸款。

(2) 代表處於償還狀態的貸款，包括在適用寬限期之後進入全額本息償還狀態的貸款（但是，爲了表格的目的，在暫停償還期間不包括這些貸款）。

（3）逾期期限是基於合同約定的逾期天數。

28

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5.			信貸損失準備金（續）

投資持有的私人教育貸款-關鍵信用質量因子

FFELP貸款至少存在還款擔保 97 萬一違約，FFELP貸款的本金和應計利息至少有%的擔保；因此，與FFELP貸款相關的關鍵信用質量因子是不存在的。

對於私人教育貸款，關鍵的信貸質量因子包括FICO分數、是否有共同簽署人、貸款狀態和貸款調味品。 FICO分數在最初批准時進行評估，並通過貸款期限定期刷新/更新。 以下表格突出了我們私人教育貸款組合（持有投資），按原始批准年份分層的總本金餘額，排列在關鍵信貸質量因子下。

截至2024年9月30日 （以千美元爲單位）						私人教育貸款持有的投資-信用質量因子
批准原始年份						2024(1)						2023(1)						2022(1)						2021(1)						2020(1)						2019年及以前(1)						總費用(1)						餘額的百分比
共同借款人:
有聯合簽署人						$	3,734,881					$	4,740,192					$	2,775,372					$	1,792,296					$	1,185,946					$	4,854,732					$	19,083,419					88		%
無聯合簽署人						410,127						623,056						454,404						321,490						233,207						651,763						2,694,047						12
總費用						$	4,145,008					$	5,363,248					$	3,229,776					$	2,113,786					$	1,419,153					$	5,506,495					$	21,777,466					100		%
原始批准時的FICO評分(2):
低於670						$	246,464					$	394,068					$	261,780					$	156,049					$	96,605					$	495,359					$	1,650,325					8		%
670-699						509,488						751,734						450,549						288,455						201,741						937,664						3,139,631						14
700-749						1,256,692						1,649,606						1,010,936						673,104						463,935						1,861,249						6,915,522						32
大於或等於750						2,132,364						2,567,840						1,506,511						996,178						656,872						2,212,223						10,071,988						46
總費用						$	4,145,008					$	5,363,248					$	3,229,776					$	2,113,786					$	1,419,153					$	5,506,495					$	21,777,466					100		%
FICO更新(2)(3):
小於670						$	350,534					$	634,599					$	460,995					$	304,198					$	195,926					$	866,117					$	2,812,369					13		%
670-699						530,612						722,522						411,258						247,461						142,707						599,235						2,653,795						12
700-749						1,240,651						1,541,321						904,821						581,250						371,047						1,464,960						6,104,050						28
大於或等於750						2,023,211						2,464,806						1,452,702						980,877						709,473						2,576,183						10,207,252						47
總費用						$	4,145,008					$	5,363,248					$	3,229,776					$	2,113,786					$	1,419,153					$	5,506,495					$	21,777,466					100		%
調味品(4):
1-12期付款						$	2,276,316					$	2,140,723					$	420,171					$	247,167					$	149,269					$	353,135					$	5,586,781					25		%
13-24期付款						—						1,056,273						1,277,280						192,430						127,669						374,514						3,028,166						14
25-36期付款						—						—						619,637						855,419						116,659						484,079						2,075,794						10
37-48期付款						—						—						—						380,010						524,320						453,928						1,358,258						6
超過48次付款						—						—						—						—						276,001						3,336,669						3,612,670						17
尚未開始償還						1,868,692						2,166,252						912,688						438,760						225,235						504,170						6,115,797						28
總費用						$	4,145,008					$	5,363,248					$	3,229,776					$	2,113,786					$	1,419,153					$	5,506,495					$	21,777,466					100		%
2024年當前期間(5) 總覈銷						$	(672)					$	(16,359)					$	(48,389)					$	(38,496)					$	(27,088)					$	(141,649)					$	(272,653)
2024年當前期間(5) 收回						37						1,268						4,876						4,317						2,886						20,456						33,840
2024年當前期間(5) 淨覈銷						$	(635)					$	(15,091)					$	(43,513)					$	(34,179)					$	(24,202)					$	(121,193)					$	(238,813)
按原始發行年份累計應計利息						$	104,376					$	452,478					$	350,208					$	226,175					$	126,965					$	269,612					$	1,529,814
(1)餘額代表持有待投資的毛額私人教育貸款。 (2)代表共同借款人或借款人更高的信用評分。 (3)代表截至2024年第三季度更新的FICO評分。 (4)計劃還款期間的活躍還款月數（無論是僅利息支付、固定支付，還是全額本金和利息支付狀態）需設置付款。 (5)當前期間指2024年1月1日至2024年9月30日。

29

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5.			信貸損失準備金（續）

截至2023年12月31日 （以千美元爲單位）						投資持有的私人教育貸款-信貸質量因子
審批產生年份						2023(1)						2022(1)						2021(1)						2020(1)						2019(1)						2018年及以前(1)						總費用(1)						餘額的百分比
共同借款人:
有共同簽署人						$	3,903,676					$	4,428,163					$	2,516,380					$	1,535,308					$	1,378,699					$	4,529,768					$	18,291,994					87		%
無共同簽署人						586,443						660,576						421,042						283,781						253,601						528,407						2,733,850						13
總費用						$	4,490,119					$	5,088,739					$	2,937,422					$	1,819,089					$	1,632,300					$	5,058,175					$	21,025,844					100		%
初始批准時FICO評分(2):
低於670						$	328,199					$	395,526					$	208,696					$	118,935					$	137,494					$	451,613					$	1,640,463					8		%
670-699						635,642						704,642						400,744						254,762						257,840						868,777						3,122,407						15
700-749						1,383,779						1,586,783						934,033						590,401						545,333						1,709,299						6,749,628						32
大於或等於750						2,142,499						2,401,788						1,393,949						854,991						691,633						2,028,486						9,513,346						45
總費用						$	4,490,119					$	5,088,739					$	2,937,422					$	1,819,089					$	1,632,300					$	5,058,175					$	21,025,844					100		%
刷新後的FICO評分(2)(3):
少於670						$	495,451					$	638,381					$	379,738					$	217,956					$	214,665					$	791,875					$	2,738,066					13		%
670-699						616,684						672,777						365,674						193,462						176,963						564,245						2,589,805						12
700-749						1,347,094						1,477,310						836,747						498,414						445,244						1,361,073						5,965,882						28
大於或等於750						2,030,890						2,300,271						1,355,263						909,257						795,428						2,340,982						9,732,091						47
總費用						$	4,490,119					$	5,088,739					$	2,937,422					$	1,819,089					$	1,632,300					$	5,058,175					$	21,025,844					100		%
調味品(4):
1-12期付款						$	2,514,079					$	740,450					$	440,293					$	245,631					$	208,941					$	332,608					$	4,482,002					21		%
13-24期付款						—						2,675,956						303,045						167,532						165,577						384,760						3,696,870						18
25-36期付款						—						—						1,524,834						195,091						129,571						456,448						2,305,944						11
37-48期付款						—						—						—						902,938						208,521						446,350						1,557,809						7
超過48次付款						—						—						—						116						706,097						2,985,015						3,691,228						18
尚未開始償還						1,976,040						1,672,333						669,250						307,781						213,593						452,994						5,291,991						25
總費用						$	4,490,119					$	5,088,739					$	2,937,422					$	1,819,089					$	1,632,300					$	5,058,175					$	21,025,844					100		%
2023年當前時期(5) 總的核銷						$	(1,812)					$	(31,032)					$	(70,331)					$	(49,624)					$	(50,585)					$	(216,711)					$	(420,095)
2023年當前時期(5) 回收款項						172						2,342						6,496						4,923						5,260						27,175						46,368
2023年當前時期(5) 淨覈銷款項						$	(1,640)					$	(28,690)					$	(63,835)					$	(44,701)					$	(45,325)					$	(189,536)					$	(373,727)
按原始年份分組計算的累積利息總額						$	177,959					$	408,800					$	269,978					$	152,094					$	116,618					$	229,116					$	1,354,565

(1)餘額代表持有投資私人教育貸款的總額。

(2)代表擔保人或借款人更高的信用評分。

(3)代表截至2023年第四季度更新的FICO評分。

(4)計劃付款日到期時處於積極還款狀態的月份數（無論是僅付利息、固定還款還是全額本息還款狀態）。

(5)當前時期指的是2023年1月1日至2023年12月31日。

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5.			信貸損失準備金（續）

拖欠款項 - 持有投資的私人教育貸款

以下表格提供了關於我們的私人教育貸款投資持有的貸款狀態信息，按原始批准的年份分類。處於還款階段的貸款包括借款人僅支付利息或固定還款的貸款，以及在適用的寬限期後已進入全額本金和利息還款狀態的貸款（但出於下表的目的，不包括貸款在暫緩還款期間的情況）。

						私人教育貸款投資組合-逾期情況按原始發放年份統計
截至2024年9月30日 （以千美元爲單位）						2024						2023						2022						2021						2020						2019年及以前						總費用
在校/寬限期/延期的貸款(1)						$	1,868,692					$	2,166,252					$	912,688					$	438,760					$	225,235					$	504,170					$	6,115,797
處於展期期間的貸款(2)						4,394						60,324						67,024						40,094						28,002						101,576						301,414
處於償還期的貸款:
當前貸款						2,264,429						3,081,961						2,166,187						1,564,016						1,116,464						4,613,926						14,806,983
貸款逾期30-59天(3)						5,536						31,829						41,997						34,974						23,902						147,233						285,471
貸款逾期60-89天(3)						1,314						15,492						24,717						20,840						14,467						72,268						149,098
貸款逾期90天或更長時間(3)						643						7,390						17,163						15,102						11,083						67,322						118,703
在還款中的私人教育貸款總額						2,271,922						3,136,672						2,250,064						1,634,932						1,165,916						4,900,749						15,360,255
私人教育貸款總額，毛值						4,145,008						5,363,248						3,229,776						2,113,786						1,419,153						5,506,495						21,777,466
私人教育貸款遞延發行成本和未攤銷的溢價/（貼現）						37,794						26,654						11,375						6,512						4,325						9,428						96,088
私人教育貸款總額						4,182,802						5,389,902						3,241,151						2,120,298						1,423,478						5,515,923						21,873,554
私人教育貸款損失準備金						(212,169)						(313,135)						(235,225)						(155,737)						(95,729)						(401,626)						(1,413,621)
私人教育貸款淨額						$	3,970,633					$	5,076,767					$	3,005,926					$	1,964,561					$	1,327,749					$	5,114,297					$	20,459,933
私人教育貸款佔還款比例						54.8		%				58.5		%				69.7		%				77.3		%				82.2		%				89.0		%				70.5		%
逾期的私人教育貸款佔還款比例						0.3		%				1.7		%				3.7		%				4.3		%				4.2		%				5.9		%				3.6		%
展期貸款佔還款和展期貸款比例						0.2		%				1.9		%				2.9		%				2.4		%				2.3		%				2.0		%				1.9		%

(1)寬限期包括那些已經返回學校或從事其他允許的教育活動，並且還沒有被要求償還貸款的客戶（例如，醫學生的住院期或備考司法考試的寬限期）。

(2)在職業過渡期間要求延長寬限期的客戶，或因困境或其他因素暫時停止全額付款的客戶，應符合已建立的貸款計劃服務政策和程序。

(3)拖欠期是基於合同約定的逾期天數。

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5.			信貸損失準備金（續）

						用於投資的私人教育貸款-按起始時間劃分的拖欠情況
截至2023年12月31日 （以千美元爲單位）						2023						2022						2021						2020						2019						2018年及以前						總費用
在校內/寬限期/延期的貸款(1)						$	1,976,040					$	1,672,333					$	669,250					$	307,781					$	213,593					$	452,994					$	5,291,991
處於暫緩還款狀態的貸款(2)						19,265						93,079						58,438						35,450						31,818						85,989						324,039
處於還款狀態的貸款:
貸款目前正常						2,469,817						3,254,534						2,131,040						1,416,069						1,323,825						4,213,986						14,809,271
貸款逾期30-59天(3)						17,599						34,627						37,147						28,020						31,432						149,926						298,751
貸款逾期60-89天(3)						5,720						17,227						20,077						16,614						15,482						75,897						151,017
逾期90天或更久的貸款(3)						1,678						16,939						21,470						15,155						16,150						79,383						150,775
在還款中的私人教育貸款總額						2,494,814						3,323,327						2,209,734						1,475,858						1,386,889						4,519,192						15,409,814
私人教育貸款總額，毛值						4,490,119						5,088,739						2,937,422						1,819,089						1,632,300						5,058,175						21,025,844
私人教育貸款延期發起成本和未攤銷保險額/(折讓)						35,616						18,556						9,465						5,809						3,556						8,552						81,554
私人教育貸款總額						4,525,735						5,107,295						2,946,887						1,824,898						1,635,856						5,066,727						21,107,398
私人教育貸款損失準備金						(269,642)						(335,090)						(194,104)						(118,755)						(100,111)						(317,403)						(1,335,105)
私人教育貸款淨額						$	4,256,093					$	4,772,205					$	2,752,783					$	1,706,143					$	1,535,745					$	4,749,324					$	19,772,293
私人教育貸款佔還款總額的百分比						55.6		%				65.3		%				75.2		%				81.1		%				85.0		%				89.3		%				73.3		%
拖欠的私人教育貸款佔還款總額的百分比						1.0		%				2.1		%				3.6		%				4.1		%				4.5		%				6.8		%				3.9		%
展期貸款佔還款及展期貸款總額的百分比						0.8		%				2.7		%				2.6		%				2.3		%				2.2		%				1.9		%				2.1		%

(1)延期包括那些已經回到學校或參加其他允許的教育活動，並且還不需要償還貸款的客戶（例如，醫學生的住院期或備考律師考試的寬限期）。

(2)針對已請求寬限期延長的客戶提供貸款，通常是在就業過渡期間或由於困難或其他因素暫時停止全額付款，符合已建立的貸款計劃服務政策和程序。

(3)逾期時期是基於合約規定的逾期天數。

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5.			信貸損失準備金（續）

 應計應收利息

以下表格提供了關於我們私人教育貸款應計利息的信息。表格還披露了逾期貸款的應計利息金額，與我們爲全額利息付款的貸款撥備相比。總應計利息中，大部分是推遲貸款的應計利息，其中學生在校期間不需付款，以及固定付款貸款，借款人每月支付的金額小於當月貸款利息。這些貸款的應計利息將在借款人從學校離校後退出寬限期時資本化到貸款餘額，而將資本化的應計利息的當前預期信貸損失已包含在我們的信貸損失撥備中。 90 days or greater past due as compared to our allowance for uncollectible interest on loans making full interest payments. The majority of the total accrued interest receivable represents accrued interest on deferred loans where no payments are due while the borrower is in school and fixed-pay loans where the borrower makes a $25 monthly payment that is smaller than the interest accruing on the loan in that month. The accrued interest on these loans will be capitalized to the balance of the loans when the borrower exits the grace period after separation from school, and the current expected credit losses on accrued interest that will be capitalized is included in our allowance for credit losses.

						私人教育貸款
						250,000
(以千美元計)						應收利息總額						逾期90天或以上						壞賬利息準備(1)(2)
2024年9月30日						$	1,529,814					$	5,534					$	7,426
2023年12月31日						$	1,354,565					$	8,373					$	9,897

(1)截至2024年9月30日的無法收回的利息備抵表示與還款貸款的應計應收利息部分相關的預期損失（美元）139百萬美元的應計利息（應收賬款），預計不會資本化。預計資本化的應計應收利息 ($)1.4十億）保留在信貸損失備抵金中。逾期 90 天或更長時間的貸款的應計應收利息包括 $4.6那些尚未償還但預計不會資本化的貸款的應計應收利息的百萬美元和美元0.9百萬美元，預計將資本化。

(2)2023年12月31日的壞賬準備代表了與應還貸款中應計利息部分相關的預期損失（未被資本化的應計利息金額爲$151百萬）。預期被資本化的應計利息爲（$1.2十億）已在信貸損失準備金中預留。貸款逾期90天或更長時間應收的應計利息包括未被資本化的應計利息爲$7.7百萬，而預期被資本化的應計利息爲$0.6百萬。

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6. 未融資的貸款承諾

當我們在學年初批准一筆私人教育貸款時，該批准可能覆蓋整個學年的借款。因此，我們並不總是在批准時全額撥款，而是有一個承諾在以後的某個時間資助部分貸款（通常在第二學期或後續學期開始時）。我們估計在合同期內的預期信用損失，我們通過一項合同義務暴露於信用風險，並有義務延長信用，除非我們能無條件取消此義務。請參閱2023年Form 10-k中我們的【基本報表】附註2「重要會計政策-信用損失準備金-用於合同貸款承諾的表外敞口」中的補充信息。

在2024年9月30日，我們有$2.5 的未償還合同貸款承諾，預計將在2024/2025學年餘下期間進行資助。 下表總結了記錄在合併資產負債表的「其他負債」中以覆蓋未撥款承諾的預期終身信用損失的活動，以及未撥款承諾餘額的活動。

			2024												2023
截至9月30日的三個月 （以千美元爲單位）			津貼						未資助承諾						津貼						未資助承諾
期初餘額			$	49,479					$	1,300,393					$	62,600					$	1,562,856
Provision/New commitments - net(1)			157,901						3,934,921						152,934						3,258,234
轉賬 - 資助貸款(2)			(115,421)						(2,758,529)						(101,687)						(2,451,203)
期末餘額			$	91,959					$	2,476,785					$	113,847					$	2,369,887

			2024												2023
截至9月30日的九個月 （以千美元爲單位）			津貼						未資助承諾						津貼						未資助承諾
期初餘額			$	112,962					$	2,221,077					$	124,924					$	1,995,808
Provision/New commitments - net(1)			255,747						6,287,149						267,311						5,912,418
轉讓 - 資助貸款(2)			(276,750)						(6,031,441)						(278,388)						(5,538,339)
期末餘額			$	91,959					$	2,476,785					$	113,847					$	2,369,887

(1)     扣除到期未使用承諾。同時包括對新承諾的額外撥備和對現有承諾撥備的調整。

(2)     當貸款承諾被落實時，與之相關的信用損失責任（最初記載爲未撥備承諾準備金）將被轉移至信用損失準備金。

上述披露的未融資承諾金額代表每個期末未償還的未融資承諾總額。然而，歷史上，並非所有這些承諾都會在承諾到期前融資。我們在計算未融資承諾準備金時估計預計會融資的承諾金額。我們預計將爲其融資並用於計算未融資承諾準備金的金額將根據基礎承諾的貸款特徵每個時期而變。

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7. 商譽和取得的無形資產

商譽

我們將收購價格超過作爲一部分收購的可識別資產和負債的估計公允價值的部分記作商譽 收購主要用於或持有的以硝基學院（「Nitro」）名義開展業務的Epic Research Education Services, LLC的資產， 在2022年第一季度，並於2023年第三季度收購了舒利公司（「Scholly」）的關鍵資產。商譽不攤銷，但會定期進行減值測試。我們每年在第四季度對商譽進行減值測試，如果我們認爲存在減值指標，則更頻繁地進行減值測試。在 2024 年 9 月 30 日和 2023 年 12 月 31 日， 我們有 $56商譽總額爲百萬美元。有關我們收購Nitro和Scholly的更多詳細信息，請參閱我們的2023年10-k表格中的合併財務報表附註2 「重要會計政策——業務合併」。

已獲取的無形資產

我們的無形資產包括收購的商標和商標、客戶關係、開發的科技和合作夥伴關係。每當事件或情況的改變表明這些資產的賬面價值可能無法收回時，我們會對我們的長期資產進行減值檢討。

已取得的無形資產包括以下內容：

												2024年9月30日																		2023年12月31日
(以千美元計)						加權平均有用壽命 （年）(1)						成本基礎						累計攤銷						淨利						成本基礎						累計攤銷						淨利
商標和商號(2)						4.0						$	6,040					$	(1,762)					$	4,278					$	6,040					$	(629)					$	5,411
客戶關係						4.6						8,920						(5,931)						2,989						8,920						(4,013)						4,907
開發的科技資產						3.5						2,590						(1,473)						1,117						2,590						(908)						1,682
合作伙伴關係						2.5						730						(340)						390						730						(122)						608
總計已取得的無形資產												$	18,280					$	(9,506)					$	8,774					$	18,280					$	(5,672)					$	12,608

(1)     與Nitro收購相關的無形資產的加權平均有用壽命是 4.6 年，與Scholly收購相關的無形資產的加權平均有用壽命是 3.9年。

(2) 2023年，我們完全減記了$的硝基商標資產56股票回購活動以及因員工基於股票的補償目的而重新發行國庫股的情況如下：

我們在2024年9月30日結束的三個月和九個月內，總共錄得取得的無形資產攤銷約爲$11百萬美元和4百萬，分別爲2023年9月30日結束的三個月和九個月，大約爲$31百萬美元和7百萬。我們將繼續按照其剩餘預期可用生命週期對確定有限可用生命週期的無形資產進行攤銷。我們估計與這些無形資產相關的攤銷費用約爲$5$百萬。4$百萬。3$400萬、$300萬和$500萬。1分別是2024年、2025年、2026年和2027年的一百萬美元。

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8. 存款

以下表格總結了2024年9月30日和2023年12月31日的存款總額。

						2020年9月30日						12月31日
(以千美元計)						2024						2023
存款-利息人形機器人-軸承						$	21,444,710					$	21,651,657
存款-非利息人形機器人-軸承						747						1,531
存款總額						$	21,445,457					$	21,653,188

我們的總存款爲$21.4 億美元，其中包括$9.8 億美元的經紀存款和$11.6 億美元的零售及其他存款，截至2024年9月30日，相比之下，總存款達$21.7 億美元，其中包括$10.3 億美元的經紀存款和$11.4 億美元的零售及其他存款，截至2023年12月31日。

截至2024年9月30日和2023年12月31日，利息-人形機器人-軸承存款包括散戶和經紀人的非到期儲蓄存款、散戶和經紀人的非到期貨幣市場存款（「MMDAs」）以及散戶和經紀人的定期存單（「CDs」）。計入利息的存款還包括來自教育529和健康儲蓄計劃的存款，這些計劃有助於多樣化我們的資金來源，我們認爲它們是核心的。這些和其他大額總帳戶，彙總了許多個人存款人的存款，分別代表了2024年9月30日和2023年12月31日的存款總額的$7.0私人股權和其他投資的金額分別爲52.27億美元和53.98億美元，截至2023年7月31日和2023年1月31日。7.6十億。總帳戶的結構使得個人存款人有權獲得存款保險保障（受聯邦存款保險公司（「FDIC」）規定和限制的約束），這些存款大部分具有合約規定的最低餘額和到期條款。

我們的一些存入資金產品由第三方供應商提供服務。與經紀CD相關的存放費用使用有效利率法攤銷到利息費用中。我們在截至2024年9月30日的三個月中分別確認了100萬美元的存放費用支出3萬美元和3 和分別在截至2024年9月30日的九個月中確認了100萬美元的存放費用支出81百萬美元和9分別爲截至2024年9月30日的三個月和2019年9月30日向經紀CD支付的第三方經紀費用分別爲100萬美元和第三方經紀費用6萬美元和4向第三方經紀支付的與經紀CD相關的經紀費用分別爲100萬美元61百萬美元和72024年9月30日和2023年9月30日結束的九個月，分別爲 百萬。

2024年9月30日和2023年12月31日的利息人形機器人-軸承存款總結如下：

 

						2024年9月30日												2023年12月31日
(以千美元計)						數量						季末 已授予和預期於2021年1月2日授予股份 平均 名義利率(1)						數量						年終 已授予和預期於2021年1月2日授予股份 平均數 名義利率(1)
貨幣市場						$	9,499,233					4.66		%				$	10,258,292					4.85		%
儲蓄						985,036						4.32						945,000						4.35
定期存單						10,960,441						4.17						10,448,365						3.69
存款-人形機器人-軸承						$	21,444,710											$	21,651,657

    (1) 在有效的套期關係中包括利率互換的效果。

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8.			存款（續）

存款憑證剩餘到期期限彙總如下:

(以千美元計)						2024年9月30日						2023年12月31日
一年或更短時間						$	6,018,238					$	3,937,766
一年到兩年之後						3,318,933						4,112,902
兩年到三年之後						712,443						1,881,371
三年到四年之後						258,183						327,295
四年到五年之後						652,413						188,802
五年後						231						229
總費用						$	10,960,441					$	10,448,365

截至2024年9月30日和2023年12月31日，存款分別超過了FDIC保險限額。513萬美元和478 百萬美元，存款上的應計利息爲$70百萬和$91 2014年9月30日和2013年12月31日，相關的預估未來續保佣金的契約資產分別爲$百萬。

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9. 借款

未償債務包括通過我們的期限資產抵押證券化（「ABS」）計劃和我們的私人教育貸款多家貸款人擔保借款設施（「擔保借款設施」）發行的無抵押債務和有抵押債務。有關我們債務的更多信息，請參閱基本財務報表附註, 第12注「借款」 在我們2023年第10-k表格中。 以下表格總結了我們在2024年9月30日和2023年12月31日的借款。

						2024年9月30日																		2023年12月31日
(以千美元計)						短期						長期						總費用						短期						長期						總費用
未擔保借款：
無擔保債務（固定利率）						$	—					$	994,614					$	994,614					$	—					$	992,200					$	992,200
總未擔保借款						—						994,614						994,614						—						992,200						992,200
擔保借款：
私人教育貸款期限證券化：
固定利率						—						4,204,755						4,204,755						—						3,585,254						3,585,254
可變利率						—						837,158						837,158						—						650,058						650,058
總私人教育貸款期限證券化						—						5,041,913						5,041,913						—						4,235,312						4,235,312
擔保借款設施						—						—						—						—						—						—
總擔保借款						—						5,041,913						5,041,913						—						4,235,312						4,235,312
總費用						$	—					$	6,036,527					$	6,036,527					$	—					$	5,227,512					$	5,227,512

短期借款

在2024年5月7日和2024年6月14日，我們修改了我們的擔保借款設施，延長了該設施的到期日。根據該設施可以借款的金額爲$2十億。我們在擔保借款設施信託中持有 100 的剩餘利益百分比。在擔保借款設施下，我們需要支付未使用借款額度和未償還借款的融資成本。修改後的擔保借款設施延長了我們可以借款、償還和重新借款的循環期限，直至2025年6月13日。預定的分期償還期限要求在2026年6月13日之前償還擔保借款設施下的餘額（如果發生某些重大不利事件，償還期限可能提前）。截至2024年9月30日和2023年12月31日，擔保借款設施下有 否 筆未償還借款。

長期借款

融資保障

2024年交易

2024 年 5 月 15 日，我們執行了我們的美元668百萬中小企業私人教育貸款信託基金2024-C期限ABS交易，該交易被記作擔保融資。我們賣了 $668向第三方發放了數百萬張票據並保留了 100 證券化中發行的剩餘證書的利息百分比，籌集了約美元668百萬的總收益。A類和b類票據的加權平均壽命爲 5.36 年份，按加權平均SOFR等值成本定價 1.19 百分比。2024 年 9 月 30 日，美元716我們的百萬筆私人教育貸款，包括 $656百萬本金和美元60由於這筆交易，數百萬美元的資本化利息被抵押。

2024 年 8 月 14 日，我們執行了我們的美元868百萬中小企業私人教育貸款信託基金2024-E期限ABS交易，該交易被記作擔保融資。我們賣了 $868向第三方發放了數百萬張票據並保留了 100 證券化中發行的剩餘證書的利息百分比，籌集了約美元868百萬的總收益。A類和b類票據的加權平均壽命爲 5.17 年份，按加權平均SOFR等值成本定價 1.42 百分比。2024 年 9 月 30 日，美元933我們的百萬筆私人教育貸款，包括 $855百萬本金和美元78由於這筆交易，數百萬美元的資本化利息被抵押。

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9.			Borrowings (Continued)

Secured Financings at Issuance

The following table summarizes our secured financings issued in the year ended December 31, 2023 and in the nine months ended September 30, 2024.

Issue						Date Issued						Total Issued						Weighted Average Cost of Funds(1)						Weighted Average Life  (in years)
(Dollars in thousands)
Private Education Loans:
2023-A						March 2023						$	579,000					SOFR plus 1.53%						5.06
2023-C						August 2023						568,000						SOFR plus 1.69%						4.93
Total notes issued in 2023												$	1,147,000
Total loan and accrued interest amount securitized at inception in 2023(2)												$	1,292,507
2024-C						May 2024						$	668,000					SOFR plus 1.19%						5.36
2024-E						August 2024						868,000						SOFR plus 1.42%						5.17
Total notes issued in 2024												$	1,536,000
Total loan and accrued interest amount securitized at inception in 2024(3)												$	1,678,289

(1) Represents SOFR equivalent cost of funds for floating and fixed-rate bonds, excluding issuance costs.

(2) At September 30, 2024, $1.11 billion of our Private Education Loans, including $1.02 billion of principal and $85 million in capitalized interest, were encumbered related to these transactions.

(3) At September 30, 2024, $1.65 billion of our Private Education Loans, including $1.51 billion of principal and $138 million in capitalized interest, were encumbered related to these transactions.

Consolidated Funding Vehicles

We consolidate our financing entities that are VIEs as a result of our being the entities’ primary beneficiary. As a result, these financing VIEs are accounted for as secured borrowings.

As of September 30, 2024 (dollars in thousands)						Debt Outstanding																		Carrying Amount of Assets Securing Debt Outstanding
						Short-Term						Long-Term						Total						Loans						Restricted Cash						Other Assets(1)						Total
Secured borrowings:
Private Education Loan term securitizations						$	—					$	5,041,913					$	5,041,913					$	6,344,419					$	170,982					$	419,945					$	6,935,346
Secured Borrowing Facility						—						—						—						—						—						1,636						1,636
Total						$	—					$	5,041,913					$	5,041,913					$	6,344,419					$	170,982					$	421,581					$	6,936,982

As of December 31, 2023						Debt Outstanding																		Carrying Amount of Assets Securing Debt Outstanding
						Short-Term						Long-Term						Total						Loans						Restricted Cash						Other Assets(1)						Total
Secured borrowings:
Private Education Loan term securitizations						$	—					$	4,235,312					$	4,235,312					$	5,539,964					$	149,412					$	311,697					$	6,001,073
Secured Borrowing Facility						—						—						—						—						—						1,066						1,066
Total						$	—					$	4,235,312					$	4,235,312					$	5,539,964					$	149,412					$	312,763					$	6,002,139

(1) Other assets primarily represent accrued interest receivable.

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9.			Borrowings (Continued)

Unconsolidated VIEs

Private Education Loan Securitizations

Unconsolidated VIEs include variable interests that we hold in certain securitization trusts created by the sale of our Private Education Loans to unaffiliated third parties. We remained the servicer of these loans pursuant to applicable servicing agreements executed in connection with the sales, and we are also the administrator of these trusts. Additionally, we own five percent of the securities issued by the trusts to meet risk retention requirements. We were not required to consolidate these entities because the fees we receive as the servicer/administrator are commensurate with our responsibility, so the fees are not considered a variable interest. Additionally, the five percent vertical interest we maintain does not absorb more than an insignificant amount of the VIE’s expected losses, nor do we receive more than an insignificant amount of the VIE’s expected residual returns.

2024-A Transaction

On March 13, 2024, we closed an SMB Private Education Loan Trust 2024-A term ABS transaction (the “2024-A Transaction”), in which an unaffiliated third party sold to the trust approximately $2.0 billion of Private Education Loans that the third-party seller previously purchased from us on February 1, 2024. Sallie Mae Bank sponsored the 2024-A Transaction, is the servicer and administrator, and was the seller of an additional $105 million of Private Education Loans into the trust. The sale of such additional loans qualified for sale treatment and removed these loans from our balance sheet on the settlement date of the 2024-A Transaction and we recorded a $7 million gain on sale associated with this transaction. In connection with the 2024-A Transaction settlement, we retained a five percent vertical risk retention interest (i.e., five percent of each class issued in the securitization). We classified those vertical risk retention interests related to the 2024-A Transaction as available-for-sale investments, except for the interest in the residual class, which we classified as a trading investment recorded at fair value with changes recorded through earnings.

2024-R1 Transaction

On April 9, 2024, we closed an SMB Private Education Loan Trust 2024-R1 term ABS transaction (the “2024-R1 Transaction”), in which an unaffiliated third party sold to the trust approximately $69 million of Private Education Loan residual flows from our 2020-PTA and 2020-PTB transactions through a re-securitization. Sallie Mae Bank sponsored the 2024-R1 Transaction and is the administrator of the trust. In connection with the 2024-R1 Transaction settlement, we retained a five percent vertical risk retention interest (i.e., five percent of each class issued in the securitization). We classified those vertical risk retention interests related to the 2024-R1 Transaction as available-for-sale investments, except for the interest in the residual class, which we classified as a trading investment recorded at fair value with changes recorded through earnings.

2024-B Transaction

On April 11, 2024, we closed an SMB Private Education Loan Trust 2024-B term ABS transaction (the “2024-B Transaction”), in which unaffiliated third parties sold to the trust approximately $191 million of Private Education Loans that the third-party sellers previously purchased from us in 2020 and 2021. Sallie Mae Bank sponsored the 2024-B Transaction, is the servicer and administrator, and was the seller of an additional $10 million of Private Education Loans into the trust. The sale of such additional loans qualified for sale treatment and removed these loans from our balance sheet on the settlement date of the 2024-B Transaction and we recorded a less than $1 million gain on sale associated with this transaction. In connection with the 2024-B Transaction settlement, we retained a five percent vertical risk retention interest (i.e., five percent of each class issued in the securitization). We classified those vertical risk retention interests related to the 2024-B Transaction as available-for-sale investments, except for the interest in the residual class, which we classified as a trading investment recorded at fair value with changes recorded through earnings.

2024-D Transaction

On June 28, 2024, we closed an SMB Private Education Loan Trust 2024-D term ABS transaction (the “2024-D Transaction”), in which an unaffiliated third party sold to the trust approximately $1.5 billion of Private Education Loans that the third-party seller previously purchased from us on May 23, 2024. Sallie Mae Bank sponsored the 2024-D Transaction, is the servicer and administrator, and was the seller of an additional $79 million of Private Education Loans into the trust. The sale of such additional loans qualified for sale treatment and removed these loans from our balance sheet on the settlement date of the 2024-D Transaction and we recorded a $6 million gain on sale associated with this transaction. In connection with the 2024-D Transaction settlement, we retained a five percent vertical risk retention interest (i.e., five percent of each class issued in the securitization). We classified those vertical risk retention interests related to

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9.			Borrowings (Continued)

the 2024-D Transaction as available-for-sale investments, except for the interest in the residual class, which we classified as a trading investment recorded at fair value with changes recorded through earnings.

The table below provides a summary of our exposure related to our unconsolidated VIEs.

						September 30, 2024																		December 31, 2023
(Dollars in thousands)						Debt Interests(1)						Equity Interests(2)						Total Exposure						Debt Interests(1)						Equity Interests(2)						Total Exposure
Private Education Loan term securitizations						$	591,155					$	54,840					$	645,995					$	423,327					$	54,481					$	477,808

(1) Vertical risk retention interest classified as available-for-sale investment.

(2) Vertical risk retention interest classified as trading investment.

Other Borrowing Sources

We maintain discretionary uncommitted Federal Funds lines of credit with various correspondent banks, which totaled $125 million at September 30, 2024. The interest rate we are charged on these lines of credit is priced at Fed Funds plus a spread at the time of borrowing and is payable daily. We did not utilize these lines of credit in the nine months ended September 30, 2024 nor in the year ended December 31, 2023.

We established an account at the FRB to meet eligibility requirements for access to the Primary Credit borrowing facility at the FRB’s Discount Window (the “Window”). The Primary Credit borrowing facility is a lending program available to depository institutions that are in generally sound financial condition. All borrowings at the Window must be fully collateralized. We can pledge asset-backed and mortgage-backed securities, as well as FFELP Loans and Private Education Loans, to the FRB as collateral for borrowings at the Window. Generally, collateral value is assigned based on the estimated fair value of the pledged assets. At September 30, 2024 and December 31, 2023, the value of our pledged collateral at the FRB totaled $2.3 billion and $1.6 billion, respectively. The interest rate charged to us is the discount rate set by the FRB. We did not utilize this facility in the nine months ended September 30, 2024 nor in the year ended December 31, 2023.

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10. Derivative Financial Instruments

Risk Management Strategy

We maintain an overall interest rate risk management strategy that incorporates the use of derivative instruments to reduce the economic effect of interest rate changes. Our goal is to manage interest rate sensitivity by modifying the repricing frequency and underlying index characteristics of certain balance sheet assets or liabilities so any adverse impacts related to movements in interest rates are managed within low to moderate limits. As a result of interest rate fluctuations, hedged balance sheet positions will appreciate or depreciate in market value or create variability in cash flows. Income or loss on the derivative instruments linked to the hedged item will generally offset the effect of this unrealized appreciation or depreciation or volatility in cash flows for the period the item is being hedged. We view this strategy as a prudent management of interest rate risk. Please refer to Notes to Consolidated Financial Statements, Note 13, “Derivative Financial Instruments” in our 2023 Form 10-K for a full discussion of our risk management strategy.

Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”) requires all standardized derivatives, including most interest rate swaps, to be submitted for clearing to central counterparties to reduce counterparty risk. Two of the central counterparties we use are the Chicago Mercantile Exchange (“CME”) and the London Clearing House (“LCH”). All variation margin payments on derivatives cleared through the CME and LCH are accounted for as legal settlement. As of September 30, 2024, $855 million notional of our derivative contracts were cleared on the CME and $88 million were cleared on the LCH. The derivative contracts cleared through the CME and LCH represent 90.6 percent and 9.4 percent, respectively, of our total notional derivative contracts of $943 million at September 30, 2024.

For derivatives cleared through the CME and LCH, the net gain (loss) position includes the variation margin amounts as settlement of the derivative and not collateral against the fair value of the derivative. The amount of variation margin included as settlement as of September 30, 2024 was $(20) million and $(1) million for the CME and LCH, respectively. Changes in fair value for derivatives not designated as hedging instruments are presented as realized gains (losses).

Our exposure to the counterparty is limited to the value of the derivative contracts in a gain position less any collateral held and plus any collateral posted. When there is a net negative exposure, we consider our exposure to the counterparty to be zero. At September 30, 2024 and December 31, 2023, we had a net positive exposure (derivative gain/loss positions to us, less collateral held by us and plus collateral posted with counterparties) related to derivatives of $6 million and $9 million, respectively.

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10.			Derivative Financial Instruments (Continued)

Summary of Derivative Financial Statement Impact

The following tables summarize the fair values and notional amounts of all derivative instruments at September 30, 2024 and December 31, 2023, and their impact on earnings and other comprehensive income for the nine months ended September 30, 2024 and September 30, 2023. Please refer to Notes to Consolidated Financial Statements, Note 13, “Derivative Financial Instruments” in our 2023 Form 10-K for a full discussion of cash flow hedges, fair value hedges, and trading activities.

Impact of Derivatives on the Consolidated Balance Sheets
									Cash Flow Hedges												Fair Value Hedges												Trading												Total
									September 30,						December 31,						September 30,						December 31,						September 30,						December 31,						September 30,						December 31,
(Dollars in thousands)									2024						2023						2024						2023						2024						2023						2024						2023
Fair Values(1)			Hedged Risk Exposure
Derivative Assets:(2)
Interest rate swaps			Interest rate						$	600					$	—					$	—					$	—					$	—					$	—					$	600					$	—
Derivative Liabilities:(2)
Interest rate swaps			Interest rate						—						(339)						(84)						(31)												—						(84)						(370)
Total net derivatives									$	600					$	(339)					$	(84)					$	(31)					$	—					$	—					$	516					$	(370)

 

(1)    Fair values reported include variation margin as legal settlement of the derivative contract. Assets and liabilities are presented without consideration of master netting agreements. Derivatives are carried on the balance sheet based on net position by counterparty under master netting agreements and classified in other assets or other liabilities depending on whether in a net positive or negative position.

(2)    The following table reconciles gross positions with the impact of master netting agreements to the balance sheet classification:

    

						Other Assets												Other Liabilities
						September 30,						December 31,						September 30,						December 31,
(Dollars in thousands)						2024						2023						2024						2023
Gross position(1)						$	600					$	—					$	(84)					$	(370)
Impact of master netting agreement						(84)						—						84						—
Derivative values with impact of master netting agreements (as carried on balance sheet)						516						—						—						(370)
Cash collateral pledged(2)						5,821						9,228						—						—
Net position						$	6,337					$	9,228					$	—					$	(370)

(1)Gross position amounts include accrued interest and variation margin as legal settlement of the derivative contract.

(2)Cash collateral pledged excludes amounts that represent legal settlement of the derivative contracts.

Notional Values
						Cash Flow												Fair Value												Trading												Total
(Dollars in thousands)						September 30,						December 31,						September 30,						December 31,						September 30,						December 31,						September 30,						December 31,
						2024						2023						2024						2023						2024						2023						2024						2023
Interest rate swaps						$	661,765					$	1,203,783					$	281,520					$	702,309					$	—					$	—					$	943,285					$	1,906,092
Net total notional						$	661,765					$	1,203,783					$	281,520					$	702,309					$	—					$	—					$	943,285					$	1,906,092

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10.			Derivative Financial Instruments (Continued)

As of September 30, 2024 and December 31, 2023, the following amounts were recorded on the consolidated balance sheet related to cumulative basis adjustments for fair value hedges:

(Dollars in thousands)						Carrying Amount of the Hedged Assets/(Liabilities)												Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)
Line Item in the Balance Sheet in Which the Hedged Item is Included:						September 30,						December 31,						September 30,						December 31,
						2024						2023						2024						2023
Deposits						$	(277,739)					$	(689,137)					$	3,589					$	12,910

Impact of Derivatives on the Consolidated Statements of Operations
						Three Months Ended   September 30,												Nine Months Ended   September 30,
(Dollars in thousands)						2024						2023						2024						2023
Fair Value Hedges
Interest rate swaps:
Interest recognized on derivatives						$	(3,275)					$	(6,701)					$	(12,379)					$	(19,086)
Hedged items recorded in interest expense						(3,648)						(4,346)						(9,321)						(10,504)
Derivatives recorded in interest expense						3,669						4,265						9,378						10,596
Total						$	(3,254)					$	(6,782)					$	(12,322)					$	(18,994)
Cash Flow Hedges
Interest rate swaps:
Amount of gain (loss) reclassified from accumulated other comprehensive income into interest expense						$	9,719					$	12,813					$	34,475					$	34,917
Total						$	9,719					$	12,813					$	34,475					$	34,917
Trading
Interest rate swaps:
Change in fair value of future interest payments recorded in earnings						$	—					$	—					$	—					$	—
Total						—						—						—						—
Total						$	6,465					$	6,031					$	22,153					$	15,923

    

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10.			Derivative Financial Instruments (Continued)

Impact of Derivatives on the Statements of Changes in Stockholders’ Equity
						Three Months Ended												Nine Months Ended
						September 30,												September 30,
(Dollars in thousands)						2024						2023						2024						2023
Amount of gain (loss) recognized in other comprehensive income (loss)						$	(6,391)					$	7,046					$	6,056					$	21,726
Less: amount of gain (loss) reclassified in interest expense						9,719						12,813						34,475						34,917
Total change in other comprehensive income (loss) for unrealized gains (losses) on derivatives, before income tax (expense) benefit						$	(16,110)					$	(5,767)					$	(28,419)					$	(13,191)

    

Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on our variable-rate deposits. During the next 12 months, we estimate that $20 million will be reclassified as a decrease to interest expense.

Cash Collateral

As of September 30, 2024, cash collateral held and pledged excludes amounts that represent legal settlement of the derivative contracts held with the CME and LCH. There was no cash collateral held by us related to derivative exposure between us and our derivatives counterparties at September 30, 2024 and December 31, 2023, respectively. Collateral held is recorded in “Other Liabilities” on the consolidated balance sheets. Cash collateral pledged by us related to derivative exposure between us and our derivatives counterparties was $6 million and $9 million at September 30, 2024 and December 31, 2023, respectively. Collateral pledged is recorded in “Other interest-earning assets” on the consolidated balance sheets.

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11. Stockholders’ Equity

The following table summarizes our common share repurchases and issuances.

 

						Three Months Ended   September 30,												Nine Months Ended   September 30,
(Shares and per share amounts in actuals)						2024						2023						2024						2023
Common stock repurchased under repurchase programs(1)						5,345,026						—						9,585,395						16,389,696
Average purchase price per share(2)						$	21.58					$	—					$	21.28					$	15.71
Shares repurchased related to employee stock-based compensation plans(3)						34,916						10,687						726,302						1,088,330
Average purchase price per share						$	22.41					$	16.14					$	20.04					$	15.45
Common shares issued(4)						249,049						200,886						2,298,280						3,073,639

 

(1) Common shares purchased under our share repurchase programs. The 2022 Share Repurchase Program expired on January 25, 2024. There was $448 million of capacity remaining under the 2024 Share Repurchase Program at September 30, 2024.

(2) Average purchase price per share includes purchase commission costs and excise taxes.

(3) Comprised of shares withheld from stock option exercises and the vesting of restricted stock, restricted stock units, and performance stock units for employees’ tax withholding obligations and shares tendered by employees to satisfy option exercise costs.

(4)  Common shares issued under our various compensation and benefit plans.

 

The closing price of our common stock on the NASDAQ Global Select Market on September 30, 2024 was $22.87.

Common Stock Dividends

In both September 2024 and September 2023, we paid a common stock dividend of $0.11 per common share.

Share Repurchases

On January 26, 2022, we announced a share repurchase program (the “2022 Share Repurchase Program”), which was effective upon announcement and expired on January 25, 2024, and permitted us to repurchase shares of our common stock from time to time up to an aggregate repurchase price not to exceed $1.25 billion. We did not repurchase shares of common stock under the 2022 Share Repurchase Program in the nine months ended September 30, 2024. Under the 2022 Share Repurchase Program, we did not repurchase shares of common stock in the three months ended September 30, 2023, and we repurchased 16.4 million shares of common stock for $257 million in the nine months ended September 30, 2023.

On January 24, 2024, we announced a new share repurchase program (the "2024 Share Repurchase Program"), which became effective on January 26, 2024 and expires on February 6, 2026, and permits us to repurchase shares of our common stock from time to time up to an aggregate repurchase price not to exceed $650 million. Under the 2024 Share Repurchase Program, we repurchased 5.3 million shares of common stock for $115 million in the three months ended September 30, 2024, and 9.6 million shares of common stock for $204 million in the nine months ended September 30, 2024. We had $448 million of capacity remaining under the 2024 Share Repurchase Program at September 30, 2024.

Under the 2024 Share Repurchase Program, repurchases may occur from time to time and through a variety of methods, including open market repurchases, repurchases effected through Rule 10b5-1 trading plans, negotiated block purchases, accelerated share repurchase programs, tender offers, or other similar transactions. The timing and volume of any repurchases will be subject to market conditions, and there can be no guarantee that the Company will repurchase up to the limit of the 2024 Share Repurchase Program.

Share Repurchases under Rule 10b5-1 trading plans

During the three months ended September 30, 2024, we repurchased 5.3 million shares of our common stock at a total cost of $115 million. During the three months ended September 20, 2023, we did not repurchase shares of our common stock under any share repurchase program. During the nine months ended September 30, 2024 and 2023, we repurchased 9.6 million and 16.4 million shares, respectively, of our common stock at a total cost of $204 million and $257 million, respectively, under Rule 10b5-1 trading plans authorized under our share repurchase programs.

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12. Earnings (Loss) per Common Share

Basic earnings (loss) per common share (“EPS”) are calculated using the weighted average number of shares of common stock outstanding during each period. A reconciliation of the numerators and denominators of the basic and diluted EPS calculations follows.

						Three Months Ended   September 30,												Nine Months Ended   September 30,
(Dollars in thousands, except per share data)						2024						2023						2024						2023
Numerator:
Net income (loss)						$	(45,152)					$	29,365					$	496,772					$	412,948
Preferred stock dividends						4,648						4,642						13,929						12,979
Net income (loss) attributable to SLM Corporation common stock						$	(49,800)					$	24,723					$	482,843					$	399,969
Denominator:
Weighted average shares used to compute basic EPS						214,873						226,120						218,059						234,170
Effect of dilutive securities:
Dilutive effect of stock options, restricted stock, restricted stock units, performance stock units, and Employee Stock Purchase Plan (“ESPP”) (1)(2)						—						2,680						3,494						2,423
Weighted average shares used to compute diluted EPS						214,873						228,800						221,553						236,593
Basic earnings (loss) per common share						$	(0.23)					$	0.11					$	2.21					$	1.71
Diluted earnings (loss) per common share						$	(0.23)					$	0.11					$	2.18					$	1.69

            

(1)     Includes the potential dilutive effect of additional common shares that are issuable upon exercise of outstanding stock options, restricted stock, restricted stock units, performance stock units, and the outstanding commitment to issue shares under the ESPP, determined by the treasury stock method.

(2)      For the three months ended September 30, 2024 and 2023, securities covering approximately 6 million shares and 1 million shares, respectively, and for the nine months ended September 30, 2024 and 2023, securities covering approximately less than 1 million shares and 1 million shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive.

 

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13. Fair Value Measurements

We use estimates of fair value in applying various accounting standards for our consolidated financial statements.

We categorize our fair value estimates based on a hierarchical framework associated with three levels of price transparency utilized in measuring financial instruments at fair value. For additional information regarding our policies for determining fair value and the hierarchical framework, see Notes to Consolidated Financial Statements, Note 2, “Significant Accounting Policies - Fair Value Measurement” in our 2023 Form 10-K.

During the nine months ended September 30, 2024, there were no significant transfers of financial instruments between levels or changes in our methodology or assumptions used to value our financial instruments.

The following table summarizes the valuation of our financial instruments that are marked-to-fair value on a recurring basis.

						Fair Value Measurements on a Recurring Basis
						September 30, 2024																								December 31, 2023
(Dollars in thousands)						Level 1						Level 2						Level 3						Total						Level 1						Level 2						Level 3						Total
Assets:
Trading investments						$	—					$	—					$	54,840					$	54,840					$	—					$	—					$	54,481					$	54,481
Available-for-sale investments						—						2,019,695						2,910						2,022,605						—						2,411,622						—						2,411,622
Held for sale loans						—						485,701						—						485,701						—						—						—						—
Derivative instruments						—						600						—						600						—						—						—						—
Total						$	—					$	2,505,996					$	57,750					$	2,563,746					$	—					$	2,411,622					$	54,481					$	2,466,103
Liabilities:
Derivative instruments						$	—					$	(84)					$	—					$	(84)					$	—					$	(370)					$	—					$	(370)
Total						$	—					$	(84)					$	—					$	(84)					$	—					$	(370)					$	—					$	(370)

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13.			Fair Value Measurements (Continued)

The following table summarizes the change in balance sheet carrying value associated with level 3 financial instruments carried at fair value on a recurring basis.

						Nine Months Ended September 30,
						2024																		2023
						Investments																		Investments
(Dollars in thousands)						Available For Sale - Debt Securities						Trading - Residual Interests						Total						Available For Sale - Debt Securities						Trading - Residual Interests						Total
Balance, beginning of period						$	—					$	54,481					$	54,481					$	—					$	50,786					$	50,786
Total gains/(losses):
Included in earnings (or changes in net assets)(1)						14						398						412						—						2,016						2,016
Included in other comprehensive income						83						—						83						—						—						—
Settlements						2,813						(39)						2,774						—						(241)						(241)
Transfers into level 3						—						—						—						—						—						—
Transfers out of level 3						—						—						—						—						—						—
Balance, end of period						$	2,910					$	54,840					$	57,750					$	—					$	52,561					$	52,561
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period						$	83					$	—					$	83					$	—					$	—					$	—
Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period(2)						$	—					$	398					$	398					$	—					$	2,016					$	2,016

(1) Included in earnings (or changes in net assets) is comprised of the amounts recorded in the specified line item in the consolidated statements of income:

						Nine Months Ended September 30,
(Dollars in thousands)						2024						2023
Interest Income - Investments						$	14					$	—
Gains (losses) on securities, net						398						2,016
Total						$	412					$	2,016

(2) Recorded in "gains (losses) on securities, net" in the consolidated statements of income.

The following table presents the significant unobservable inputs used in the recurring valuations of the level 3 financial instruments detailed above.

(Dollars in thousands)

Fair Value at 9/30/2024

Valuation Technique

Unobservable Input

Range (Average)

Debt Securities

$

2,910

Discounted cash flow

Constant Prepayment Rate

7.1%-11.1% (8.5%)

Probability of default

4.0%-17.0% (11.5%)

Residual Interests

54,840

Discounted cash flow

Constant Prepayment Rate

7.1%-11.1% (8.5%)

Probability of default

4.0%-17.0% (11.5%)

Total

$

57,750

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13.			Fair Value Measurements (Continued)

The significant inputs detailed in the above table would be expected to have the following impacts to the valuations:

•A decrease in CPR would result in a longer weighted average life of the trust, resulting in a decrease to the valuation due to the delay in residual cash flows with the increased term. The opposite is true for an increase in the CPR.

•A decrease in the probability of defaults means increased principal receipts, resulting in an increase to the valuation due to the increase in residual cash flow.

•Conversely, an increase in the probability of defaults means decreased principal receipts, resulting in a decrease to the valuation due to the decrease in residual cash flow.

The following table summarizes the fair values of our financial assets and liabilities, including derivative financial instruments.

						September 30, 2024																		December 31, 2023
(Dollars in thousands)						Fair Value						Carrying Value						Difference						Fair Value						Carrying Value						Difference
Earning assets:
Loans held for investment, net:
Private Education Loans						$	23,812,201					$	20,459,933					$	3,352,268					$	22,229,045					$	19,772,293					$	2,456,752
FFELP Loans						—						—						—						542,775						534,064						8,711
Loans held for sale						485,701						485,701						—						—						—						—
Cash and cash equivalents						4,489,539						4,489,539						—						4,149,838						4,149,838						—
Trading investments						54,840						54,840						—						54,481						54,481						—
Available-for-sale investments						2,022,605						2,022,605						—						2,411,622						2,411,622						—
Accrued interest receivable						1,667,539						1,537,594						129,945						1,448,766						1,379,904						68,862
Derivative instruments						600						600						—						—						—						—
Total earning assets						$	32,533,025					$	29,050,812					$	3,482,213					$	30,836,527					$	28,302,202					$	2,534,325
Interest-bearing liabilities:
Money-market and savings accounts						$	10,477,366					$	10,484,269					$	6,903					$	11,134,883					$	11,203,292					$	68,409
Certificates of deposit						11,027,258						10,960,441						(66,817)						10,380,684						10,448,365						67,681
Long-term borrowings						5,889,769						6,036,527						146,758						4,873,690						5,227,512						353,822
Accrued interest payable						98,945						98,945						—						105,066						105,066						—
Derivative instruments						84						84						—						370						370						—
Total interest-bearing liabilities						$	27,493,422					$	27,580,266					$	86,844					$	26,494,693					$	26,984,605					$	489,912
Excess of net asset fair value over carrying value																		$	3,569,057																	$	3,024,237

Please refer to Notes to Consolidated Financial Statements, Note 17, “Fair Value Measurements” in our 2023 Form 10-K for a full discussion of the methods and assumptions used to estimate the fair value of each class of financial instruments.

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14. Regulatory Capital

    

Sallie Mae Bank (the “Bank”) is subject to various regulatory capital requirements administered by the FDIC and the Utah Department of Financial Institutions. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material adverse effect on our business, results of operations, and financial position. Under the FDIC’s regulations implementing the Basel III capital framework (“U.S. Basel III”) and the regulatory framework for prompt corrective action, the Bank must meet specific capital standards that involve quantitative measures of its assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and its classification under the prompt corrective action framework are also subject to qualitative judgments by the regulators about components of capital, risk weightings, and other factors.

The Bank is subject to the following minimum capital ratios under U.S. Basel III: a Common Equity Tier 1 risk-based capital ratio of 4.5 percent, a Tier 1 risk-based capital ratio of 6.0 percent, a Total risk-based capital ratio of 8.0 percent, and a Tier 1 leverage ratio of 4.0 percent. In addition, the Bank is subject to a Common Equity Tier 1 capital conservation buffer of greater than 2.5 percent. Failure to maintain the buffer will result in restrictions on the Bank’s ability to make capital distributions, including the payment of dividends, and to pay discretionary bonuses to executive officers. Including the buffer, the Bank is required to maintain the following capital ratios under U.S. Basel III in order to avoid such restrictions: a Common Equity Tier 1 risk-based capital ratio of greater than 7.0 percent, a Tier 1 risk-based capital ratio of greater than 8.5 percent, and a Total risk-based capital ratio of greater than 10.5 percent.

To qualify as “well capitalized” under the prompt corrective action framework for insured depository institutions, the Bank must maintain a Common Equity Tier 1 risk-based capital ratio of at least 6.5 percent, a Tier 1 risk-based capital ratio of at least 8.0 percent, a Total risk-based capital ratio of at least 10.0 percent, and a Tier 1 leverage ratio of at least 5.0 percent.

In July 2023, the federal banking agencies proposed a rule to implement significant changes to the U.S. Basel Ill regulatory capital requirements. The proposed changes to the regulatory capital requirements generally would amend or introduce approaches and methodologies that would apply to banking organizations with total consolidated assets of $100 billion or more or to banking organizations with significant trading activity. The proposed rule therefore would not affect the Bank's capital requirements or the calculation of its capital ratios.

Under regulations issued by the FDIC and other federal banking agencies, banking organizations that adopted CECL during the 2020 calendar year, including the Bank, could elect to delay for two years, and then phase in over the following three years, the effects on regulatory capital of CECL relative to the incurred loss methodology. The Bank elected to use this option. Therefore, the regulatory capital impact of the Bank’s transition adjustments recorded on January 1, 2020 from the adoption of CECL, and 25 percent of the ongoing impact of CECL on the Bank’s allowance for credit losses, retained earnings, and average total consolidated assets, each as reported for regulatory capital purposes (collectively, the “adjusted transition amounts”), were deferred for the two-year period ending January 1, 2022. On each of January 1, 2022, 2023, and 2024, 25 percent of the adjusted transition amounts were phased in for regulatory capital purposes. On January 1, 2025, the remaining 25 percent of the adjusted transition amounts will be phased in for regulatory capital purposes, with the phased in amounts included in regulatory capital at the beginning of the year. The Bank’s January 1, 2020 CECL transition amounts increased our allowance for credit losses by $1.1 billion, increased the liability representing our off-balance sheet exposure for unfunded commitments by $116 million, and increased our deferred tax asset by $306 million, resulting in a cumulative effect adjustment that reduced retained earnings by $953 million. This transition adjustment was inclusive of qualitative adjustments incorporated into our CECL allowance as necessary, to address any limitations in the models used.

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14.			Regulatory Capital (Continued)

At September 30, 2024, the adjusted transition amounts that were deferred and are being phased in for regulatory capital purposes are as follows:

						Adjusted Transition Amounts						Phase-In Amounts for the Year Ended						Phase-In Amounts for the Year Ended						Phase-In Amounts for the Nine Months Ended						Remaining Adjusted Transition Amounts to be Phased-In
(Dollars in thousands)						December 31, 2021						December 31, 2022						December 31, 2023						September 30, 2024						September 30, 2024
Retained earnings						$	836,351					$	(209,088)					$	(209,088)					$	(209,088)					$	209,087
Allowance for credit losses						1,038,145						(259,536)						(259,536)						(259,536)						259,537
Liability for unfunded commitments						104,377						(26,094)						(26,094)						(26,095)						26,094
Deferred tax asset						306,171						(76,542)						(76,542)						(76,543)						76,544

The Bank’s required and actual regulatory capital amounts and ratios, including applicable capital conservation buffers, under U.S. Basel III are shown in the following table. The following capital amounts and ratios are based upon the Bank’s average assets and risk-weighted assets, as indicated. The Bank has elected to exclude accumulated other comprehensive income related to both available-for-sale investments and swap valuations from Common Equity Tier 1 Capital. At September 30, 2024 and December 31, 2023, the unrealized loss on available-for-sale investments included in other comprehensive income totaled $69 million and $115 million, net of tax of $22 million and $37 million, respectively. The capital ratios would remain above the well capitalized thresholds, including applicable capital conservation buffers, if the unrealized loss became fully recognized into capital.

(Dollars in thousands)						Actual									U.S. Basel III Minimum Requirements Plus Buffer(1)(2)
						Amount			Ratio						Amount						Ratio
As of September 30, 2024(3):
Common Equity Tier 1 Capital (to Risk-Weighted Assets)						$	2,985,360		11.6		%				$	1,803,995		>			7.0		%
Tier 1 Capital (to Risk-Weighted Assets)						$	2,985,360		11.6		%				$	2,190,566		>			8.5		%
Total Capital (to Risk-Weighted Assets)						$	3,318,657		12.9		%				$	2,705,993		>			10.5		%
Tier 1 Capital (to Average Assets)						$	2,985,360		10.1		%				$	1,185,423		>			4.0		%
As of December 31, 2023(3):
Common Equity Tier 1 Capital (to Risk-Weighted Assets)						$	3,019,973		12.3		%				$	1,719,621		>			7.0		%
Tier 1 Capital (to Risk-Weighted Assets)						$	3,019,973		12.3		%				$	2,088,111		>			8.5		%
Total Capital (to Risk-Weighted Assets)						$	3,334,140		13.6		%				$	2,579,432		>			10.5		%
Tier 1 Capital (to Average Assets)						$	3,019,973		10.2		%				$	1,184,213		>			4.0		%

             

(1)    Reflects the U.S. Basel III minimum required ratio plus the applicable capital conservation buffer.

(2)    The Bank’s regulatory capital ratios also exceeded all applicable standards for the Bank to qualify as “well capitalized” under the prompt corrective action framework.

(3)    For both September 30, 2024 and December 31, 2023, the actual amounts and the actual ratios include the adjusted transition amounts discussed above that were phased in at the beginning of 2024 and 2023.

Bank Dividends

The Bank is chartered under the laws of the State of Utah and its deposits are insured by the FDIC. The Bank’s ability to pay dividends is subject to the laws of Utah and the regulations of the FDIC. Generally, under Utah’s industrial bank laws and regulations as well as FDIC regulations, the Bank may pay dividends from its net profits without regulatory approval if, following the payment of the dividend, the Bank’s capital and surplus would not be impaired. The Bank declared $116 million and $414 million in dividends to the Company for the three and nine months ended September 30, 2024, respectively, and $100 million and $400 million in dividends to the Company for the three and nine months ended September 30, 2023, respectively, with the proceeds primarily used to fund share repurchase programs and stock dividends. In the future, we expect that the Bank will pay dividends to the Company as may be necessary to enable the

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14.			Regulatory Capital (Continued)

Company to pay any declared dividends on its Series B Preferred Stock and common stock and to consummate any common share repurchases by the Company under its share repurchase programs.

15. Commitments, Contingencies and Guarantees

Commitments

When we approve a Private Education Loan at the beginning of an academic year, that approval may cover the borrowing for the entire academic year. As such, we do not always disburse the full amount of the loan at the time of such approval, but instead have a commitment to fund a portion of the loan at a later date (usually at the start of the second semester or subsequent trimesters). We estimate expected credit losses over the contractual period that we are exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by us. At September 30, 2024, we had $2.5 billion of outstanding contractual loan commitments that we expect to fund during the remainder of the 2024/2025 academic year. At September 30, 2024, we had a $92 million reserve recorded in “Other Liabilities” to cover expected losses that may occur during the one-year loss emergence period on these unfunded commitments. See Notes to Consolidated Financial Statements, Note 2, “Significant Accounting Policies - Allowance for Credit Losses — Off-Balance Sheet Exposure for Contractual Loan Commitments” in our 2023 Form 10-K and Note 6, “Unfunded Loan Commitments” in this Form 10-Q for additional information.

Regulatory Matters

In May 2014, the Bank received a Civil Investigative Demand (“CID”) from the Consumer Financial Protection Bureau (the “CFPB”) as part of the CFPB’s separate investigation relating to customer complaints, fees, and charges assessed in connection with the servicing of student loans and related collection practices of pre-Spin-Off SLM by entities now subsidiaries of Navient Corporation (“Navient”) during a time period prior to the Spin-Off (the “CFPB Investigation”). To the extent requested, the Bank has been cooperating fully with the CFPB. Given the timeframe covered by the CID and the CFPB Investigation, and the focus on practices and procedures previously conducted by Navient and its servicing subsidiaries prior to the Spin-Off, Navient is leading the response to these investigations. Consequently, we have no basis from which to estimate either the duration or ultimate outcome of this investigation.

We note that on January 18, 2017, the CFPB filed a complaint in federal court in Pennsylvania against Navient, along with its subsidiaries, Navient Solutions, Inc. and Pioneer Credit Recovery, Inc. The complaint alleges these Navient entities, among other things, engaged in deceptive practices with respect to their historic servicing and debt collection practices. Neither SLM, the Bank, nor any of their current subsidiaries are named in, or otherwise a party to, the lawsuit and are not alleged to have engaged in any wrongdoing. The CFPB’s complaint asserts Navient’s assumption of these liabilities under the Separation and Distribution Agreement for alleged conduct that predated the Spin-Off.

On September 12, 2024, the federal court in Pennsylvania in the above-referenced lawsuit entered a Stipulated Final Judgment and Order that was agreed to by the CFPB and the Navient defendants to settle and resolve all matters in dispute arising from Navient’s conduct alleged in the lawsuit. Neither SLM, the Bank, nor any of their current subsidiaries were named in, or otherwise a party to, that lawsuit, and no claims were asserted against them. The Company and the Bank were not parties to the settlement and have not contributed any of the relief to be provided in the settlement.

For additional information regarding our regulatory matters, see Notes to Consolidated Financial Statements, Note 21, “Commitments, Contingencies and Guarantees” in our 2023 Form 10-K. See also the section labeled “History” on page 3 of our 2023 Form 10-K for definitions and discussion regarding the “Spin Off” and “pre-Spin-Off SLM.”

Contingencies

In the ordinary course of business, we and our subsidiaries are routinely defendants in or parties to pending and threatened legal actions and proceedings, including actions brought on behalf of various classes of claimants. These actions and proceedings may be based on alleged violations of consumer protection, securities, employment, and other laws. In certain of these actions and proceedings, claims for substantial monetary damage may be asserted against us and our subsidiaries.

It is common for the Company, our subsidiaries, and affiliates to receive information and document requests and investigative demands from state attorneys general, legislative committees, and administrative agencies. These requests may be for informational or regulatory purposes and may relate to our business practices, the industries in which we operate, or other companies with whom we conduct business. Our practice has been and continues to be to cooperate with these bodies and be responsive to any such requests.

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15.			Commitments, Contingencies and Guarantees (Continued)

We are required to establish reserves for litigation and regulatory matters where those matters present loss contingencies that are both probable and estimable. When loss contingencies are not both probable and estimable, we do not establish reserves.

Based on current knowledge, management does not believe there are loss contingencies, if any, arising from pending investigations, litigation, or regulatory matters for which reserves should be established.

16. Subsequent Event

Declaration of Fourth Quarter 2024 Common Stock Dividend

A 2024 fourth-quarter common stock dividend of $0.13 per share has been declared and will be paid on December 16, 2024 to shareholders of record at the close of business on December 5, 2024.

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Item 2.     Management’s Discussion and Analysis of Financial Condition and Results of Operations

Through this discussion and analysis, we intend to provide the reader with some narrative context for how our management views our consolidated financial statements, additional context within which to assess our operating results, and information on the quality and variability of our earnings, liquidity, and cash flows.

The following information should be read in connection with SLM Corporation’s Annual Report on Form 10-K for the year ended December 31, 2023 (filed with the Securities and Exchange Commission (the “SEC”) on February 22, 2024) (the “2023 Form 10-K”), and subsequent reports filed with the SEC. Definitions for capitalized terms used in this report not defined herein can be found in the 2023 Form 10-K.

References in this Form 10-Q to “we,” “us,” “our,” “Sallie Mae,” “SLM,” and the “Company” refer to SLM Corporation and its subsidiaries, except as otherwise indicated or unless the context otherwise requires.

This report contains “forward-looking statements” and information based on management’s current expectations as of the date of this report. Statements that are not historical facts, including statements about the Company’s beliefs, opinions, or expectations and statements that assume or are dependent upon future events, are forward-looking statements. These include, but are not limited to: strategies; goals and assumptions of the Company; the Company’s expectation and ability to execute loan sales and share repurchases; statements regarding future developments surrounding COVID-19 or any other pandemic, including, without limitation, statements regarding the potential impact of any such pandemic on the Company’s business, results of operations, financial condition, and/or cash flows; the Company’s expectation and ability to pay a quarterly cash dividend on our common stock in the future, subject to the approval of our Board of Directors; the Company’s 2024 guidance; the Company’s three-year horizon outlook; the impact of acquisitions we have made or may make in the future; the Company’s projections regarding originations, net charge-offs, non-interest expenses, earnings, balance sheet position, and other metrics; any estimates related to accounting standard changes; and any estimates related to the impact of credit administration practices changes, including the results of simulations or other behavioral observations.

Forward-looking statements are subject to risks, uncertainties, assumptions, and other factors, many of which are difficult to predict and generally beyond the control of the Company, which may cause actual results to be materially different from those reflected in such forward-looking statements. There can be no assurance that future developments affecting the Company will be the same as those anticipated by management. The Company cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. These factors include, among others, the risks and uncertainties set forth in Item 1A. “Risk Factors” and elsewhere in the Company’s most recently filed Annual Report on Form 10-K and subsequent filings with the SEC; the societal, business, and legislative/regulatory impact of pandemics and other public heath crises; increases in financing costs; limits on liquidity; increases in costs associated with compliance with laws and regulations; failure to comply with consumer protection, banking, and other laws or regulations; our ability to timely develop new products and services and the acceptance of those products and services by potential and existing customers; changes in accounting standards and the impact of related changes in significant accounting estimates, including any regarding the measurement of our allowance for credit losses and the related provision expense; any adverse outcomes in any significant litigation to which the Company is a party; credit risk associated with the Company’s exposure to third parties, including counterparties to the Company’s derivative transactions; the effectiveness of our risk management framework and quantitative models; and changes in the terms of education loans and the educational credit marketplace (including changes resulting from new laws and the implementation of existing laws). We could also be affected by, among other things: changes in our funding costs and availability; reductions to our credit ratings; cybersecurity incidents, cyberattacks, and other failures or breaches of our operating systems or infrastructure, including those of third-party vendors; damage to our reputation; risks associated with restructuring initiatives, including failures to successfully implement cost-cutting programs and the adverse effects of such initiatives on our business; changes in the demand for educational financing or in financing preferences of lenders, educational institutions, students, and their families; changes in law and regulations with respect to the student lending business and financial institutions generally; changes in banking rules and regulations, including increased capital requirements; increased competition from banks and other consumer lenders; the creditworthiness of our customers, or any change related thereto; changes in the general interest rate environment, including the rate relationships among relevant money-market instruments and those of our earning assets versus our funding arrangements; rates of prepayments on the loans owned by us; changes in general economic conditions and our ability to successfully effectuate any acquisitions; and other strategic initiatives. The preparation of our consolidated financial statements also requires management to make certain estimates and assumptions, including estimates and assumptions about future events. These estimates or assumptions may prove to be incorrect.

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All oral and written forward-looking statements attributed to the Company are expressly qualified in their entirety by the factors, risks, and uncertainties set forth in the foregoing cautionary statements, and are made only as of the date of this report or, where the statement is oral, as of the date stated. We do not undertake any obligation to update or revise any forward-looking statements to conform to actual results or changes in our expectations, nor to reflect events or circumstances that occur after the date on which such statements were made. In light of these risks, uncertainties, and assumptions, you should not put undue reliance on any forward-looking statements discussed.

Selected Financial Information and Ratios

 

(In thousands, except per share data and percentages)						Three Months Ended   September 30,												Nine Months Ended   September 30,
						2024						2023						2024						2023
Net income (loss) attributable to SLM Corporation common stock						$	(49,800)					$	24,723					$	482,843					$	399,969
Diluted earnings (loss) per common share						$	(0.23)					$	0.11					$	2.18					$	1.69
Weighted average shares used to compute diluted earnings per common share						214,873						228,800						221,553						236,593
Return on Assets(1)						(0.6)		%				0.4		%				2.3		%				1.9		%
Other Operating Statistics (Held for Investment)
Ending Private Education Loans, net						$	20,459,933					$	20,348,308					$	20,459,933					$	20,348,308
Ending FFELP Loans, net(2)						—						550,873						—						550,873
Ending total education loans, net						$	20,459,933					$	20,899,181					$	20,459,933					$	20,899,181
Average education loans						$	20,497,173					$	21,213,165					$	20,805,777					$	21,615,968
(1) We calculate and report our Return on Assets as the ratio of (a) GAAP net income (loss) numerator (annualized) to (b) the GAAP total average assets denominator.
(2) FFELP Loans were transferred to loans held for sale at September 30, 2024.

Overview

The following discussion and analysis presents a review of our business and operations as of and for the three and nine months ended September 30, 2024.

Key Financial Measures

Our operating results are primarily driven by net interest income from our Private Education Loan portfolio, gains and losses on loan sales, provision expense for credit losses, and operating expenses. The growth of our business and the strength of our financial condition are primarily driven by our ability to achieve our annual Private Education Loan origination goals while sustaining credit quality and maintaining cost-efficient funding sources to support our originations. A brief summary of our key financial measures (net interest income; loan sales and secured financings; allowance for credit losses; charge-offs and delinquencies; operating expenses; Private Education Loan originations; and funding sources) can be found in Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our 2023 Form 10-K.

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Strategic Imperatives

To further focus our business and increase shareholder value, we continue to advance our strategic imperatives. Our focus remains on maximizing the profitability and growth of our core private student loan business, while harnessing and optimizing the power of our brand and attractive client base. In addition, we continue to seek to better inform the external narrative about student lending and Sallie Mae. We also strive to maintain a rigorous and predictable capital allocation and return program to create shareholder value. We are focused on driving a mission-led culture that continues to make Sallie Mae a great place to work. We also continue to strengthen our risk and compliance function, enhance and build upon our risk management framework, and assess and monitor enterprise-wide risk.

During the first nine months of 2024, we made the following progress on the above corporate strategic imperatives.

2024-C Securitization

On May 15, 2024, we executed our $668 million SMB Private Education Loan Trust 2024-C term ABS transaction, which was accounted for as a secured financing. We sold $668 million of notes to third parties and retained a 100 percent interest in the residual certificates issued in the securitization, raising approximately $668 million of gross proceeds. The Class A and Class B notes had a weighted average life of 5.36 years and priced at a weighted average SOFR equivalent cost of SOFR plus 1.19 percent.

2024-E Securitization

On August 14, 2024, we executed our $868 million SMB Private Education Loan Trust 2024-E term ABS transaction, which was accounted for as a secured financing. We sold $868 million of notes to third parties and retained a 100 percent interest in the residual certificates issued in the securitization, raising approximately $868 million of gross proceeds. The Class A and Class B notes had a weighted average life of 5.17 years and priced at a weighted average SOFR equivalent cost of SOFR plus 1.42 percent.

2024 Loan Sales and 2024-A, 2024-B, and 2024-D Transactions

In the first nine months of 2024, we recognized $255 million in gains from the sale of approximately $3.69 billion of Private Education Loans, including $3.42 billion of principal and $274 million in capitalized interest, to unaffiliated third parties. The transactions qualified for sale treatment and removed the balance of the loans from our balance sheet on the respective settlement dates. We remained the servicer of these loans pursuant to applicable servicing agreements executed in connection with the sales. For additional information regarding these transactions, see Notes to Consolidated Financial Statements, Note 3, “Loans Held for Investment” and Note 9, “Borrowings - Unconsolidated VIEs” in this Form 10-Q.

FFELP Loan Portfolio Transferred to Held for Sale

At September 30, 2024, we transferred the remaining $486 million FFELP Loan portfolio balance to held for sale because we intend to sell the portfolio to an unaffiliated third party. At September 30, 2024, we wrote down this loan portfolio to its estimated fair value through an adjustment to the allowance for credit losses of $8 million.

Secured Borrowing Facility

On May 7, 2024 and June 14, 2024, we amended our Secured Borrowing Facility to extend the maturity of the facility. The amount that can be borrowed under the facility is $2 billion. We hold 100 percent of the residual interest in the Secured Borrowing Facility trust. Under the Secured Borrowing Facility, we incur financing costs on unused borrowing capacity and on outstanding advances. The amended Secured Borrowing Facility extended the revolving period, during which we may borrow, repay, and reborrow funds, until June 13, 2025. The scheduled amortization period, during which amounts outstanding under the Secured Borrowing Facility must be repaid, ends on June 13, 2026 (or earlier, if certain material adverse events occur).

Share Repurchases under our Rule 10b5-1 Trading Plans

During the nine months ended September 30, 2024, we repurchased 9.6 million shares of our common stock at a total cost of $204 million under Rule 10b5-1 trading plans authorized under our 2024 Share Repurchase Program.

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Results of Operations

We present the results of operations below on a consolidated basis in accordance with GAAP.

 

GAAP Consolidated Statements of Operations (Unaudited)

(Dollars in millions, except per share amounts)						Three Months Ended   September 30,												Increase (Decrease)												Nine Months Ended   September 30,												Increase (Decrease)
						2024						2023						$						%						2024						2023						$						%
Interest income:
Loans						$	565					$	581					$	(16)					(3)		%				$	1,727					$	1,732					$	(5)					—		%
Investments						16						13						3						23						46						37						9						24
Cash and cash equivalents						71						58						13						22						185						155						30						19
Total interest income						653						652						—						—						1,958						1,924						34						2
Total interest expense						293						268						25						9						839						747						92						12
Net interest income						359						385						(26)						(7)						1,119						1,176						(57)						(5)
Less: provisions for credit losses						271						198						73						37						300						330						(30)						(9)
Net interest income after provisions for credit losses						88						187						(99)						(53)						818						846						(28)						(3)
Non-interest income:
Gains on sales of loans, net						—						—						—						—						255						125						130						104
Gains (losses) on securities, net						(4)						1						(5)						(500)						—						2						(2)						(100)
Other income						28						23						5						22						85						63						22						35
Total non-interest income						24						24						—						—						340						190						150						79
Non-interest expenses:
Total operating expenses						171						167						4						2						488						476						12						3
Acquired intangible assets amortization expense						1						3						(2)						(67)						4						7						(3)						(43)
Total non-interest expenses						172						170						2						1						492						483						9						2
Income (loss) before income tax expense (benefit)						(59)						41						(100)						(244)						666						553						113						20
Income tax expense (benefit)						(14)						11						(25)						(227)						170						140						30						21
Net income (loss)						(45)						29						(74)						(255)						497						413						83						20
Preferred stock dividends						5						5						—						—						14						13						1						8
Net income (loss) attributable to SLM Corporation common stock						$	(50)					$	25					$	(75)					(300)		%				$	483					$	400					$	82					21		%
Basic earnings (loss) per common share						$	(0.23)					$	0.11					$	(0.34)					(309)		%				$	2.21					$	1.71					$	0.50					29		%
Diluted earnings (loss) per common share						$	(0.23)					$	0.11					$	(0.34)					(309)		%				$	2.18					$	1.69					$	0.49					29		%
Declared dividends per common share						$	0.11					$	0.11					$	—					—		%				$	0.33					$	0.33					$	—					—		%

Note: Due to rounding, amounts in this table may not sum to totals.

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 GAAP Consolidated Earnings Summary

Three Months Ended September 30, 2024 Compared with Three Months Ended September 30, 2023

For the three months ended September 30, 2024, net loss attributable to common stock was $50 million, or $0.23 loss per common share, compared with net income attributable to common stock of $25 million, or $0.11 diluted earnings per common share, for the three months ended September 30, 2023.

The primary drivers of changes in net loss for the current quarter compared with net income in the year-ago quarter are as follows:

•Net interest income decreased by $26 million in the current quarter compared with the year-ago quarter primarily due to a 43-basis point decrease in our net interest margin and a $238 million decrease in our average Private Education Loans and FFELP Loans outstanding. Our net interest margin decreased in the current quarter from the year-ago quarter primarily because the yields on our interest-earning assets decreased but our cost of funds increased. This occurred primarily because the mix of our fixed-rate and variable-rate loans resulted in a higher proportion of fixed-rate loans in the current quarter. In a rising interest rate environment, as we experienced in 2022 and the beginning of 2023, our variable-rate loans repriced at higher rates than our fixed-rate loans. The impacts of the rising interest rate environment on our interest-bearing liabilities are delayed, resulting in a higher cost of funds in the current quarter. Additionally, the average cash and other short-term investments held in the current quarter is $939 million higher than in the year-ago quarter.

•Provision for credit losses in the current quarter was $271 million, compared with $198 million in the year-ago quarter. During the third quarter of 2024, the increase in the provision for credit losses was primarily affected by new loan commitments, net of expired commitments. In the year-ago quarter, the provision for credit losses was primarily affected by new loan commitments, net of expired commitments, slower prepayment rates, management overlays, and changes in economic outlook.

•There were no gains on sales of loans, net, in the current quarter or the year-ago quarter, as no loans were sold in either quarter.

•Gains (losses) on securities, net, were $4 million of losses in the current quarter compared with $1 million in gains in the year-ago quarter. The change quarter-over-quarter was due to the change in mark-to-fair value of our trading investments.

•Other income was $28 million in the third quarter of 2024, compared with $23 million in the year-ago quarter. The increase was primarily driven by a $6 million increase in third-party servicing fees compared to the year-ago quarter. The increase in third-party servicing fees was due to an additional $4.7 billion of loans that we sold during the past year where we continue to service on behalf of the owners of the loans.

•Third-quarter 2024 total operating expenses were $171 million, compared with $167 million in the year-ago quarter. The increase in total operating expenses was primarily driven by higher marketing costs and personnel costs, which were partially offset by reduced vendor costs associated with initiative spending.

•During the third quarter of 2024, we recorded $1 million in amortization of acquired intangible assets, down from $3 million in the year-ago quarter. The decrease is a result of the impairment write-down of the Nitro trade name intangible asset taken in the fourth quarter of 2023. For additional information, see Notes to Consolidated Financial Statements, Note 7, “Goodwill and Acquired Intangible Assets” in this Form 10-Q.

•Third-quarter 2024 income tax benefit was $14 million, compared with $11 million income tax expense in the year-ago quarter. Our effective income tax rate decreased to 24.2 percent in the third quarter of 2024 from 27.7 percent in the year-ago quarter. The decrease in the effective rate for the third quarter of 2024 was primarily due to a decrease in state income taxes.

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Nine Months Ended September 30, 2024 Compared with Nine Months Ended September 30, 2023

For the nine months ended September 30, 2024, net income attributable to common stock was $483 million, or $2.18 diluted earnings per common share, compared with net income attributable to common stock of $400 million, or $1.69 diluted earnings per common share, for the nine months ended September 30, 2023.

The primary drivers of changes in net income for the first nine months of 2024 compared with the first nine months of 2023 are as follows:

•Net interest income decreased by $57 million in the first nine months of 2024 compared with the year-ago period primarily due to a 27-basis point decrease in our net interest margin and a $308 million decrease in our average Private Education Loans and FFELP Loans outstanding. Our net interest margin decreased in the current period from the year-ago period primarily because our cost of funds increased more than the yields on our interest-earning assets. This occurred because as interest rates change, changes in the cost of our interest-bearing liabilities tend to lag compared to changes in the yields on our interest-earning assets. In a rising interest rate environment, as we experienced in 2022 and the first part of 2023, our variable-rate interest earning assets repriced faster than our cost of funds. As such, we saw an expansion in our net interest margin throughout most of 2023. As interest rates stabilized in the latter half of 2023 and into the first half of 2024, our cost of funds increased faster than our interest-earning assets yields and reduced our net interest margin.

•Provision for credit losses in the nine months ended September 30, 2024 was $300 million, compared with $330 million in the year-ago period. During the first nine months of 2024, the decrease in the provision for credit losses was primarily affected by $236 million negative provisions resulting from the $3.69 billion Private Education Loan sales during the period, an improved economic outlook, and changes in management overlays and recovery rates, offset by new loan commitments, net of expired commitments, and increases to the provision as a result of decreases in our estimates of the historical long-term average prepayment speeds used after the two-year reasonable and supportable period. In the year-ago period, the provision for credit losses was primarily affected by new loan commitments, net of expired commitments, slower prepayment rates, and management overlays, which were offset by negative provisions recorded as a result of Private Education Loan sales during the first nine months of 2023 and an increase in recovery rates.

•Gains on sales of loans, net, were $255 million in the nine months ended September 30, 2024, compared with $125 million in the year-ago period. The increase in gains on sales of loans was primarily the result of selling $3.69 billion of Private Education Loans in the first nine months of 2024, compared with the sale of $2.10 billion of Private Education Loans in the first nine months of 2023. We also sold our Credit Card loan portfolio in May 2023 and recorded a $3.5 million loss on the sale in the nine months ended September 30, 2023.

•Gains (losses) on securities, net, were less than $1 million of gains in the first nine months of 2024 compared with $2 million in gains in the year-ago period. The decrease from the year-ago period was due to the change in mark-to-fair value of our trading investments.

•Other income was $85 million in the first nine months of 2024, compared with $63 million in the year-ago period. In the first nine months of 2024, there was a $17 million increase in third-party servicing fees from the year-ago period. The increase in third-party servicing fees was due to an additional $4.7 billion of loans that we sold during the past year where we continue to service on behalf of the owners of the loans. There was also a $3 million increase in early withdrawal penalty fee income compared with the year-ago period, which was related to a health savings account provider who redeemed its deposits early and paid an early withdrawal penalty in the first quarter of 2024.

•Total operating expenses for the first nine months of 2024 were $488 million, compared with $476 million in the year-ago period. The increase in total operating expenses was primarily driven by higher personnel costs, higher marketing costs, and higher FDIC fees.

•During the first nine months of 2024, we recorded $4 million in amortization of acquired intangible assets, down from $7 million in the year-ago period. The decrease is a result of the impairment write-down of the Nitro trade name intangible asset taken in the fourth quarter of 2023. For additional information, see Notes to Consolidated Financial Statements, Note 7, “Goodwill and Acquired Intangible Assets” in this Form 10-Q.

•Income tax expense for the nine months ending September 30, 2024 was $170 million, compared with $140 million in the year-ago period. Our effective income tax rate increased slightly to 25.5 percent in the first nine months of 2024 from 25.3 percent in the year-ago period. The increase in the effective rate for the first nine months of 2024 was primarily due to an increase in state income taxes.

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Financial Condition

Average Balance Sheets

The following table reflects the rates earned on interest-earning assets and paid on interest-bearing liabilities and reflects our net interest margin on a consolidated basis.

 

						Three Months Ended September 30,																											Nine Months Ended September 30,
						2024												2023															2024												2023
(Dollars in thousands)						Balance						Rate						Balance						Rate									Balance						Rate						Balance						Rate
Average Assets
Private Education Loans						$	20,497,173					10.79		%				$	20,649,663					10.96		%							$	20,805,777					10.90		%				$	21,032,541					10.80		%
FFELP Loans						477,869						7.48						563,502						7.35									502,018						7.48						583,427						7.10
Credit Cards						—						—						—						—									—						—						14,835						14.02
Taxable securities						2,374,419						2.73						2,549,512						2.06									2,401,533						2.56						2,539,391						1.93
Cash and other short-term investments						5,267,092						5.40						4,328,383						5.32									4,589,653						5.40						4,169,291						4.98
Total interest-earning assets						28,616,553						9.07		%				28,091,060						9.21		%							28,298,981						9.24		%				28,339,485						9.08		%
Non-interest-earning assets						605,065												367,179															462,404												271,866
Total assets						$	29,221,618											$	28,458,239														$	28,761,385											$	28,611,351
Average Liabilities and Equity
Brokered deposits						$	10,003,899					4.04		%				$	9,231,432					3.32		%							$	10,137,207					3.83		%				$	9,641,234					3.15		%
Retail and other deposits						11,058,951						4.72						11,892,198						4.66									10,980,171						4.72						11,734,137						4.29
Other interest-bearing liabilities(1)						5,758,235						4.18						5,411,629						3.73									5,376,457						4.00						5,352,499						3.59
Total interest-bearing liabilities						26,821,085						4.35		%				26,535,259						4.00		%							26,493,835						4.23		%				26,727,870						3.74		%
Non-interest-bearing liabilities						206,072												116,645															130,574												71,137
Equity						2,194,461												1,806,335															2,136,976												1,812,344
Total liabilities and equity						$	29,221,618											$	28,458,239														$	28,761,385											$	28,611,351
Net interest margin												5.00		%										5.43		%													5.28		%										5.55		%

 

(1)  Includes the average balance of our unsecured borrowings, as well as secured borrowings and amortization expense of transaction costs related to our term asset-backed securitizations and our Secured Borrowing Facility.

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Rate/Volume Analysis

The following rate/volume analysis shows the relative contribution of changes in interest rates and asset volumes to changes in interest income, interest expense, and net interest income.

 

(Dollars in thousands)						Increase (Decrease)						Change Due To(1)
												Rate						Volume
Three Months Ended September 30, 2024 vs. 2023
Interest income						$	389					$	(9,890)					$	10,279
Interest expense						25,614						23,391						2,223
Net interest income						$	(25,225)					$	(31,183)					$	5,958
Nine Months Ended September 30, 2024 vs. 2023
Interest income						$	33,920					$	34,933					$	(1,013)
Interest expense						91,656						97,652						(5,996)
Net interest income						$	(57,736)					$	(57,190)					$	(546)

(1) Changes in income and expense due to both rate and volume have been allocated in proportion to the relationship of the absolute dollar amounts of the change in each. The changes in income and expense are calculated independently for each line in the table. The totals for the rate and volume columns are not the sum of the individual lines.

Summary of Our Loans Held for Investment Portfolio

Ending Loans Held for Investment Balances, net (FFELP Loans were transferred to loans held for sale at September 30, 2024)

 

As of September 30, 2024 (dollars in thousands)						Private Education Loans
Total loan portfolio:
In-school(1)						$	4,255,608
Grace, repayment and other(2)						17,521,858
Total, gross						21,777,466
Deferred origination costs and unamortized premium/(discount)						96,088
Allowance for credit losses						(1,413,621)
Total loans held for investment portfolio, net						$	20,459,933

(1)      Loans for customers still attending school and who are not yet required to make payments on the loans.

(2)     Includes loans in deferment or forbearance. Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period (but, for purposes of the table, do not include those loans while they are in forbearance).

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As of December 31, 2023 (dollars in thousands)						Private Education Loans						FFELP Loans(3)						Total Loans Held for Investment
Total loan portfolio:
In-school(1)						$	3,997,092					$	57					$	3,997,149
Grace, repayment and other(2)						17,028,752						537,344						17,566,096
Total, gross						21,025,844						537,401						21,563,245
Deferred origination costs and unamortized premium/(discount)						81,554						1,330						82,884
Allowance for credit losses						(1,335,105)						(4,667)						(1,339,772)
Total loans held for investment portfolio, net						$	19,772,293					$	534,064					$	20,306,357
% of total						97		%				3		%				100		%

(1)      Loans for customers still attending school and who are not yet required to make payments on the loans.

(2)     Includes loans in deferment or forbearance. Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period (but, for purposes of the table, do not include those loans while they are in forbearance).

(3)     FFELP Loans were transferred to loans held for sale at September 30, 2024.

    

Average Loans Held for Investment Balances (net of unamortized premium/(discount))

 

						Three Months Ended   September 30,																								Nine Months Ended   September 30,
(Dollars in thousands)						2024												2023												2024												2023
Private Education Loans						$	20,497,173					100		%				$	20,649,663					97		%				$	20,805,777					100		%				$	21,032,541					97		%
FFELP Loans(1)						—						—						563,502						3						—						—						583,427						3
Total portfolio						$	20,497,173					100		%				$	21,213,165					100		%				$	20,805,777					100		%				$	21,615,968					100		%

(1) FFELP Loans were transferred to loans held for sale at September 30, 2024.

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Loans Held for Investment, Net — Activity

 

Three Months Ended September 30, 2024 (dollars in thousands)						Private Education Loans						FFELP Loans(1)						Total Loans Held for Investment, net
Beginning balance						$	18,432,600					$	482,733					$	18,915,333
Acquisitions and originations:
Fixed-rate						2,583,116						—						2,583,116
Variable-rate						196,515						—						196,515
Total acquisitions and originations						2,779,631						—						2,779,631
Capitalized interest and deferred origination cost premium amortization						103,407						5,461						108,868
Loan consolidations to third parties						(189,196)						(7,364)						(196,560)
Allowance						(148,029)						4,060						(143,969)
Transfer to loans held for sale						—						(466,168)						(466,168)
Repayments and other						(518,480)						(18,722)						(537,202)
Ending balance						$	20,459,933					$	—					$	20,459,933

(1) FFELP Loans were transferred to loans held for sale at September 30, 2024.

Three Months Ended September 30, 2023 (dollars in thousands)						Private Education Loans						FFELP Loans												Total Loans Held for Investment, net
Beginning balance						$	18,648,904					$	570,614											$	19,219,518
Acquisitions and originations:
Fixed-rate						2,353,735						—												2,353,735
Variable-rate						114,313						—												114,313
Total acquisitions and originations						2,468,048						—												2,468,048
Capitalized interest and deferred origination cost premium amortization						100,151						5,268												105,419
Loan consolidations to third parties						(234,781)						(7,874)												(242,655)
Allowance						(50,937)						(394)												(51,331)
Repayments and other						(583,077)						(16,741)												(599,818)
Ending balance						$	20,348,308					$	550,873											$	20,899,181

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Nine Months Ended September 30, 2024 (dollars in thousands)						Private Education Loans						FFELP Loans(1)						Total Loans Held for Investment, net
Beginning balance						$	19,772,293					$	534,064					$	20,306,357
Acquisitions and originations:
Fixed-rate						5,729,841						—						5,729,841
Variable-rate						341,568						—						341,568
Total acquisitions and originations						6,071,409						—						6,071,409
Capitalized interest and deferred origination cost premium amortization						334,144						16,796						350,940
Sales						(3,430,920)						—						(3,430,920)
Loan consolidations to third parties						(564,373)						(45,467)						(609,840)
Allowance						(78,516)						4,667						(73,849)
Transfer to loans held for sale						—						(466,168)						(466,168)
Repayments and other						(1,644,104)						(43,892)						(1,687,996)
Ending balance						$	20,459,933					$	—					$	20,459,933

(1) FFELP Loans were transferred to loans held for sale at September 30, 2024.

Nine Months Ended September 30, 2023 (dollars in thousands)						Private Education Loans						FFELP Loans												Total Loans Held for Investment, net
Beginning balance						$	19,019,713					$	607,155											$	19,626,868
Acquisitions and originations:
Fixed-rate						4,946,020						—												4,946,020
Variable-rate						628,326						—												628,326
Total acquisitions and originations						5,574,346						—												5,574,346
Capitalized interest and deferred origination cost premium amortization						339,118						16,872												355,990
Sales						(1,964,945)						—												(1,964,945)
Loan consolidations to third parties						(731,656)						(23,033)												(754,689)
Allowance						(57,600)						(1,372)												(58,972)
Repayments and other						(1,830,668)						(48,749)												(1,879,417)
Ending balance						$	20,348,308					$	550,873											$	20,899,181

“Loan consolidations to third parties” and “Repayments and other” are both significantly affected by the volume of loans in our held for investment portfolio in full principal and interest repayment status. The amount of loans in full principal and interest repayment status in our Private Education Loans held for investment portfolio at September 30, 2024 decreased by 0.8 percent compared with September 30, 2023, totaling 38 percent of our Private Education Loans held for investment portfolio at September 30, 2024. The balance of loans held for investment in full principal and interest repayment status was affected in 2023 and in the first nine months of 2024 by loan sales.

“Loan consolidations to third parties” for the three months ended September 30, 2024 total 2.5 percent of our Private Education Loans held for investment portfolio in full principal and interest repayment status at September 30, 2024, or 0.9 percent of our total Private Education Loans held for investment portfolio at September 30, 2024, compared with the year-ago period of 3.0 percent of our Private Education Loans held for investment portfolio in full principal and interest repayment status, or 1.2 percent of our total Private Education Loans held for investment portfolio, respectively. The decrease in consolidations is attributable to higher interest rates in 2024 that made it less competitive for consolidators. Historical experience has shown that loan consolidation activity is heightened in the period when the loan initially enters full principal and interest repayment status and then subsides over time.

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The “Repayments and other” category includes all scheduled repayments, as well as voluntary prepayments, made on loans in repayment (including loans in full principal and interest repayment status) and also includes charge-offs. Consequently, this category can be significantly affected by the volume of loans in repayment.

Private Education Loan Originations

The following table summarizes our Private Education Loan originations. Originations represent loans that were funded or acquired during the period presented.

 

						Three Months Ended   September 30,
(Dollars in thousands)						2024						%						2023						%
Smart Option - interest only(1)						$	523,827					19		%				$	449,141					18		%
Smart Option - fixed pay(1)						906,838						33						821,722						34
Smart Option - deferred(1)						1,091,297						40						1,005,987						41
Graduate Loan(2)						236,567						8						174,563						7
Total Private Education Loan originations						$	2,758,529					100		%				$	2,451,413					100		%
Percentage of loans with a cosigner						92.4		%										90.1		%
Average FICO at approval(4)						754												749

 

						Nine Months Ended   September 30,
(Dollars in thousands)						2024						%						2023						%
Smart Option - interest only(1)						$	1,100,818					18		%				$	1,024,261					18		%
Smart Option - fixed pay(1)						1,994,067						33						1,837,397						33
Smart Option - deferred(1)						2,428,201						40						2,258,488						41
Graduate Loan(2)						508,429						9						423,833						8
Parent Loan(3)						—						—						38						—
Total Private Education Loan originations						$	6,031,515					100		%				$	5,544,017					100		%
Percentage of loans with a cosigner						90.2		%										88.0		%
Average FICO at approval(4)						751												747

(1) Interest only, fixed pay, and deferred describe the payment option while in school or in grace period. See Item 1. “Business - Our Business - Private Education Loans” in the 2023 Form 10-K for a further discussion.

(2) For the three months ended September 30, 2024, the Graduate Loan originations include $10.0 million of Smart Option Loans where the student was in a graduate status. For the three months ended September 30, 2023, the Graduate Loan originations include $9.5 million of Smart Option Loans where the student was in a graduate status. For the nine months ended September 30, 2024, the Graduate Loan originations include $28.3 million of Smart Option Loans where the student was in a graduate status. For the nine months ended September 30, 2023, the Graduate Loan originations include $24.4 million of Smart Option Loans where the student was in a graduate status.

(3) In December 2021, we discontinued offering our Parent Loan product. Applications for those loans received before the offering termination date were processed, and final disbursements under those loans occurred in February 2023.

(4) Represents the higher credit score of the cosigner or the borrower.

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Allowance for Credit Losses

Allowance for Credit Losses Activity

  

Three Months Ended September 30, (dollars in thousands)						2024																		2023
						Private Education Loans						FFELP Loans												Total Portfolio						Private Education Loans						FFELP Loans												Total Portfolio
Beginning balance						$	1,265,592					$	4,060											$	1,269,652					$	1,360,294					$	4,422											$	1,364,716
Transfer from unfunded commitment liability(1)						115,421						—												115,421						101,687						—												101,687
Less:
Charge-offs						(87,737)						(131)												(87,868)						(104,865)						(272)												(105,137)
Write-downs arising from transfer of loans to held for sale(2)						—						(8,297)												(8,297)						—						—												—
Plus:
Recoveries						11,149						—												11,149						9,693						—												9,693
Provisions for credit losses:
Provision, current period						109,196						4,368												113,564						44,423						666												45,089
Total provisions for credit losses(3)						109,196						4,368												113,564						44,423						666												45,089
Ending balance						$	1,413,621					$	—											$	1,413,621					$	1,411,232					$	4,816											$	1,416,048

(1)  See Notes to Consolidated Financial Statements, Note 6, “Unfunded Loan Commitments,” in this Form 10-Q for a summary of the activity in the allowance for and balance of unfunded loan commitments, respectively.

(2)  Represents fair value adjustments on loans transferred to held for sale.

(3)  Below is a reconciliation of the provision for credit losses reported in the consolidated statements of operations. When a new loan commitment is made, we record the CECL allowance as a liability for unfunded commitments by recording a provision for credit losses. When the loan is funded, we transfer that liability to the allowance for credit losses.

Consolidated Statements of Operations Provisions for Credit Losses Reconciliation
Three Months Ended September 30, (dollars in thousands)
						2024						2023
Private Education Loan provisions for credit losses:
Provisions for loan losses						$	109,196					$	44,423
Provisions for unfunded loan commitments						157,901						152,934
Total Private Education Loan provisions for credit losses						267,097						197,357
Other impacts to the provisions for credit losses:
FFELP Loans						4,368						666
Total						4,368						666
Provisions for credit losses reported in consolidated statements of operations						$	271,465					$	198,023

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Nine Months Ended September 30, (dollars in thousands)						2024																		2023
						Private Education Loans						FFELP Loans												Total Portfolio						Private Education Loans						FFELP Loans												Total Portfolio
Beginning balance						$	1,335,105					$	4,667											$	1,339,772					$	1,353,631					$	3,444											$	1,357,075
Transfer from unfunded commitment liability(1)						276,750						—												276,750						278,388						—												278,388
Less:
Charge-offs						(272,653)						(380)												(273,033)						(314,500)						(853)												(315,353)
Write-downs arising from transfer of loans to held for sale(2)						—						(8,297)												(8,297)						—						—												—
Plus:
Recoveries						33,840						—												33,840						33,385						—												33,385
Provisions for credit losses:
Provision, current period						276,534						4,010												280,544						196,859						2,225												199,084
Loan sale reduction to provision						(235,955)						—												(235,955)						(136,531)						—												(136,531)
Total provisions for credit losses(3)						40,579						4,010												44,589						60,328						2,225												62,553
Ending balance						$	1,413,621					$	—											$	1,413,621					$	1,411,232					$	4,816											$	1,416,048

(1)  See Notes to Consolidated Financial Statements, Note 6, “Unfunded Loan Commitments,” in this Form 10-Q for a summary of the activity in the allowance for and balance of unfunded loan commitments, respectively.

(2)  Represents fair value adjustments on loans transferred to held for sale.

(3)  Below is a reconciliation of the provision for credit losses reported in the consolidated statements of operations. When a new loan commitment is made, we record the CECL allowance as a liability for unfunded commitments by recording a provision for credit losses. When the loan is funded, we transfer that liability to the allowance for credit losses.

Consolidated Statements of Operations Provisions for Credit Losses Reconciliation
Nine Months Ended September 30, (dollars in thousands)
						2024						2023
Private Education Loan provisions for credit losses:
Provisions for loan losses						$	40,579					$	60,328
Provisions for unfunded loan commitments						255,747						267,311
Total Private Education Loan provisions for credit losses						296,326						327,639
Other impacts to the provisions for credit losses:
FFELP Loans						4,010						2,225
Total						4,010						2,225
Provisions for credit losses reported in consolidated statements of operations						$	300,336					$	329,864

Private Education Loan Allowance for Credit Losses

In establishing the allowance for Private Education Loan losses as of September 30, 2024, we considered several factors with respect to our Private Education Loan portfolio, in particular, credit quality and delinquency, forbearance, and charge-off trends.

Private Education Loans held for investment in full principal and interest repayment status were 38 percent of our total Private Education Loans held for investment portfolio at both September 30, 2024 and September 30, 2023.

For a more detailed discussion of our policy for determining the collectability of Private Education Loans and maintaining our allowance for Private Education Loans, see Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Allowance for Credit Losses” and Notes to Consolidated Financial Statements, Note 5, “Loans Held for Investment — Certain Collection Tools - Private Education Loans” in the 2023 Form 10-K.

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The table below presents our Private Education Loans held for investment portfolio delinquency trends. Loans in repayment include loans making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period (but, for purposes of the following table, do not include those loans while they are in forbearance).

Private Education Loans Held for Investment						2024												2023
September 30, (dollars in thousands)						Balance						%						Balance						%
Loans in-school/grace/deferment(1)						$	6,115,797											$	5,961,879
Loans in forbearance(2)						301,414												213,843
Loans in repayment and percentage of each status:
Loans current						14,806,983						96.4		%				14,938,462						96.3		%
Loans delinquent 30-59 days(3)						285,471						1.8						283,621						1.8
Loans delinquent 60-89 days(3)						149,098						1.0						153,449						1.0
Loans 90 days or greater past due(3)						118,703						0.8						129,613						0.9
Total Private Education Loans in repayment						15,360,255						100.0		%				15,505,145						100.0		%
Total Private Education Loans, gross						21,777,466												21,680,867
Private Education Loans deferred origination costs and unamortized premium/(discount)						96,088												78,673
Total Private Education Loans						21,873,554												21,759,540
Private Education Loans allowance for losses						(1,413,621)												(1,411,232)
Private Education Loans, net						$	20,459,933											$	20,348,308
Percentage of loans in repayment												70.5		%										71.5		%
Delinquencies as a percentage of loans in repayment												3.6		%										3.7		%
Percentage of loans in forbearance:
Percentage of loans in an extended grace period(4)												0.9		%										0.2		%
Percentage of loans in hardship and other forbearances(5)												1.0		%										1.2		%

(1)Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make payments on the loans (e.g., residency periods for medical students or a grace period for bar exam preparation).

(2)Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors, consistent with established loan program servicing policies and procedures.

(3)The period of delinquency is based on the number of days scheduled payments are contractually past due.

(4)We calculate the percentage of loans in an extended grace period as the ratio of (a) Private Education Loans in forbearance in an extended grace period numerator to (b) Private Education Loans in repayment and forbearance denominator. An extended grace period aligns with The Office of the Comptroller of the Currency definition of an additional, consecutive, one-time period during which no payment is required for up to six months after the initial grace period. We typically grant this extended grace period to customers who may be having difficulty finding employment before the full principal and interest repayment period starts or once it has begun. Loans in forbearance in an extended grace period were approximately $143 million and $30 million at September 30, 2024 and 2023, respectively. See “— Use of Forbearance and Rate Modifications as a Private Education Loan Collection Tool” below for additional details.

(5)We calculate the percentage of loans in hardship and other forbearances as the ratio of (a) Private Education Loans in hardship and other forbearances (excluding loans in an extended grace period) numerator to (b) Private Education Loans in repayment and forbearance denominator. If the customer is in financial hardship, we work with the customer and/or cosigner and identify any available alternative arrangements designed to reduce monthly payment obligations, which may include a short-term hardship forbearance. Loans in hardship and other forbearances (excluding loans in an extended grace period) were approximately $159 million and $183 million at September 30, 2024 and 2023, respectively. See “— Use of Forbearance and Rate Modifications as a Private Education Loan Collection Tool” below for additional details.

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Changes in Allowance for Private Education Loan Losses

The following table summarizes changes in the allowance for Private Education Loan (held for investment) losses.

 

						Three Months Ended   September 30,												Nine Months Ended   September 30,
(Dollars in thousands)						2024						2023						2024						2023
Beginning balance						$	1,265,592					$	1,360,294					$	1,335,105					$	1,353,631
Transfer from unfunded commitment liability(1)						115,421						101,687						276,750						278,388
Provision for credit losses:
Provision, current period						109,196						44,423						276,534						196,859
Loan sale reduction to provision						—						—						(235,955)						(136,531)
Total provision						109,196						44,423						40,579						60,328
Net charge-offs:
Charge-offs						(87,737)						(104,865)						(272,653)						(314,500)
Recoveries						11,149						9,693						33,840						33,385
Net charge-offs						(76,588)						(95,172)						(238,813)						(281,115)
Ending balance						$	1,413,621					$	1,411,232					$	1,413,621					$	1,411,232
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized						6.10		%				6.15		%				6.10		%				6.15		%
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment(2)(3)						8.91		%				8.84		%				8.91		%				8.84		%
Allowance coverage of net charge-offs (annualized)						4.61						3.71						4.44						3.77
Net charge-offs as a percentage of average loans in repayment (annualized)(2)						2.08		%				2.53		%				2.13		%				2.44		%
Ending total loans, gross						$	21,777,466					$	21,680,867					$	21,777,466					$	21,680,867
Average loans in repayment(2)						$	14,708,205					$	15,023,993					$	14,944,421					$	15,358,596
Ending loans in repayment(2)						$	15,360,255					$	15,505,145					$	15,360,255					$	15,505,145
Accrued interest to be capitalized						$	1,390,774					$	1,283,388					$	1,390,774					$	1,283,388
Accrued interest to be capitalized on loans in repayment(3)						$	513,121					$	464,807					$	513,121					$	464,807

(1) See Notes to Consolidated Financial Statements, Note 6, “Unfunded Loan Commitments,” in this Form 10-Q for a summary of the activity in the allowance for and balance of unfunded loan commitments, respectively.

(2) Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period (but, for purposes of the table, do not include those loans while they are in forbearance).

(3) Accrued interest to be capitalized on loans in repayment includes interest on loans that are in repayment but have not yet entered into full principal and interest repayment status after any applicable grace period (but, for purposes of the table, does not include the interest on those loans while they are in forbearance).

As part of concluding on the adequacy of the allowance for credit losses, we review key allowance and loan metrics. The most significant of these metrics considered are the allowance coverage of net charge-offs ratio; the allowance as a percentage of ending total loans and accrued interest to be capitalized and of ending loans in repayment and accrued interest to be capitalized on loans in repayment; and delinquency and forbearance percentages.

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Use of Forbearance and Rate Modifications as a Private Education Loan Collection Tool

We adjust the terms of loans for certain borrowers when we believe such changes will help our customers manage their student loan obligations and achieve better student outcomes, and increase the collectability of the loans. These changes generally take the form of a temporary forbearance of payments, a temporary or permanent interest rate reduction, a temporary or permanent interest rate reduction with a permanent extension of the loan term, and/or a short-term extended repayment alternative. Forbearance is granted prospectively for borrowers who are current in their payments and may be granted retroactively for certain delinquent borrowers.

Forbearance allows a borrower to not make scheduled payments for a specified period of time. Using forbearance extends the original term of the loan by the term of forbearance taken. Forbearance does not grant any reduction in the total principal or interest repayment obligation. While a loan is in forbearance status, interest continues to accrue and is capitalized (added to principal) at the end of the forbearance. Interest will not capitalize at the end of certain types of forbearance, such as disaster forbearance, however.

We grant forbearance through our servicing centers to borrowers who are current in their payments and through our collections centers to certain borrowers who are delinquent. Our forbearance policies and practices vary depending upon whether a borrower is current or delinquent at the time forbearance is requested, generally with stricter payment requirements for delinquent borrowers. We view the population of borrowers that use forbearance positively because the borrowers are either proactively reaching out to us to obtain assistance in managing their obligations or are working with our collections center to bring their loans current.

Forbearance may be granted through our servicing centers to customers who are exiting their grace period, and to other customers who are current in their payments, to provide temporary payment relief. In these circumstances, a customer’s loan is placed into a forbearance status in limited monthly increments and is reflected in the forbearance status at month-end during this time. At the end of the forbearance period, the customer will enter repayment status as current and is expected to begin making scheduled monthly payments.

Forbearance may also be granted through our collections centers to customers who are delinquent in their payments. If specific payment requirements are met, the forbearance can cure the delinquency and the customer is returned to a current repayment status. Forbearance as a collection tool is used most effectively when applying historical experience and our judgment to a customer’s unique situation. We leverage updated customer information and other decision support tools to best determine who will be granted forbearance based on our expectations as to a customer’s ability and willingness to repay their obligation. This strategy is aimed at assisting customers while mitigating the risks of delinquency and default as well as encouraging resolution of delinquent loans. In most instances, we require one payment, as an indication of a customer’s willingness and ability to repay, before granting forbearance to delinquent borrowers.

Historically, we have utilized disaster forbearance to assist borrowers affected by material events, typically federally-declared disasters, including hurricanes, wildfires, floods, and the COVID-19 pandemic. We typically grant disaster forbearance to affected borrowers in increments of up to three months at a time, but the disaster forbearance granted generally does not apply toward the 12-month forbearance limit described below.

Management continually monitors our credit administration practices, looking for opportunities to enhance and streamline, and may periodically modify these practices based upon performance, industry conventions, and/or regulatory feedback.

Currently, we generally grant forbearance in increments of one to two months at a time, for up to 12 months over the life of the loan, although disaster forbearance and certain assistance we grant to borrowers who are still in school do not apply toward the 12-month limit. We also currently require 12 months of positive payment performance by a borrower (meaning the borrower must make payment in a cumulative amount equivalent to 12 monthly required payments under the loan) between successive grants of forbearance and between forbearance grants and certain other repayment alternatives. This required period of positive payment performance does not apply, however, to forbearances granted during the first six months following a borrower’s grace period (“extended grace period”) and is not required for a borrower to receive a contractual interest rate reduction. In addition, we currently limit the participation of delinquent borrowers in certain short-term extended or interest-only repayment alternatives to once in 12 months and twice in five years. We also now count the number of months a borrower receives a short-term extended repayment alternative toward the 12-month forbearance limit described above.

We also offer rate and term modifications to customers experiencing more severe hardship. In the fourth quarter of 2023, we developed additional modification programs tailored to the financial condition of individual borrowers. Pursuant to these additional modification programs, for our borrowers experiencing the most severe financial conditions, we

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currently may reduce the contractual interest rate on a loan to as low as 2 percent for the remaining life of the loan and also permanently extend the final maturity of the loan. Other borrowers experiencing severe hardship may not require as much assistance, however, given their circumstances. In those instances, we may reduce the contractual interest rate on a loan to a rate greater than 2 percent, and up to 8 percent, for a temporary period of two to four years, and in some instances may also permanently extend the final maturity of the loan.

When we give a borrower facing financial difficulty an interest rate reduction under our programs, we evaluate their ability to pay and provide customized repayment terms based upon their financial condition. Prior to the third quarter of 2024, as part of demonstrating the ability and willingness to pay, the borrower was required to make three consecutive monthly payments at the reduced payment amount in order to qualify for enrollment in a modification program and, if applicable, for the loan to re-age and be brought current. Beginning in the third quarter of 2024, we refined our practices in this area and, after we determine the borrower’s ability to pay and they agree to the modification, the loan is modified immediately. Following the modification, the borrower is still required to make three consecutive monthly payments at the reduced payment amount in order for the loan to re-age and be brought current, if eligible. It continues to be our practice that any loan that has received a previous rate reduction or permanent extension is generally not re-age eligible following a modification. In that case, following the modification, the loan will remain in delinquency unless and until all past due amounts are paid and the loan is brought current.

Under our programs, we limit the granting of a permanent extension of the final maturity date of a loan to one time over the life of the loan, and limit the number of interest rate reductions to twice over the life of the loan. Where appropriate, we will permit two consecutive rate reductions so long as the borrower qualifies. We believe by tailoring the modification programs to the borrower’s current financial condition and not having a one size fits all approach, we increase the likelihood the borrower will be able to make the modified payments and avoid default. This approach of giving different interest rate reductions to different borrowers experiencing more severe hardship also helps us better manage the overall assistance we provide to borrowers.

We expect to learn more about how our borrowers are reacting to changes in our credit administration practices and, as we analyze such reactions, we will continue to refine our estimates of the impact of those changes on our allowance for credit losses.

As discussed above, we will continue to monitor our credit administration practices and may modify them further from time to time based upon performance, industry conventions, and/or regulatory feedback.

Delinquency Trends by Active Repayment Status

The tables below show the composition and status of the Private Education Loan portfolio held for investment aged by number of months in active repayment status (months for which a scheduled monthly payment was due). Active repayment status includes loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period. Our experience shows that the percentage of loans in forbearance status generally decreases the longer the loans have been in active repayment status. At September 30, 2024, for Private Education Loans (held for investment) that have been in active repayment status for fewer than 25 months, loans in forbearance status as a percentage of all loans in repayment and forbearance were 1.5 percent. At September 30, 2024, approximately 76 percent of our Private Education Loans (held for investment) in forbearance status have been in active repayment status fewer than 25 months.

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As of September 30, 2024 (dollars in millions)						Private Education Loans Held for Investment Aged by Number of Months in Active Repayment Status																														Not Yet in Repayment						Total
						0 to 12						13 to 24						25 to 36						37 to 48						More than 48
Loans in-school/grace/deferment						$	—					$	—					$	—					$	—					$	—					$	6,116					$	6,116
Loans in forbearance						181						48						28						17						27						—						301
Loans in repayment - current						5,239						2,888						1,968						1,283						3,430						—						14,808
Loans in repayment - delinquent 30-59 days						87						47						41						29						81						—						285
Loans in repayment - delinquent 60-89 days						49						25						21						15						39						—						149
Loans in repayment - 90 days or greater past due						31						20						18						14						36						—						119
Total						$	5,587					$	3,028					$	2,076					$	1,358					$	3,613					$	6,116					21,778
Deferred origination costs and unamortized premium/(discount)																																										96
Allowance for credit losses																																										(1,414)
Total Private Education Loans, net																																										$	20,460
Loans in forbearance as a percentage of total Private Education Loans in repayment and forbearance						1.16		%				0.30		%				0.18		%				0.11		%				0.17		%				—		%				1.92		%

As of September 30, 2023 (dollars in millions)						Private Education Loans Held for Investment Aged by Number of Months in Active Repayment Status																														Not Yet in Repayment						Total
						0 to 12						13 to 24						25 to 36						37 to 48						More than 48
Loans in-school/grace/deferment						$	—					$	—					$	—					$	—					$	—					$	5,962					$	5,962
Loans in forbearance						118						35						24						15						22						—						214
Loans in repayment - current						5,147						3,180						1,898						1,504						3,209						—						14,938
Loans in repayment - delinquent 30-59 days						86						55						40						31						72						—						284
Loans in repayment - delinquent 60-89 days						48						28						22						14						40						—						152
Loans in repayment - 90 days or greater past due						33						26						20						14						37						—						130
Total						$	5,432					$	3,324					$	2,004					$	1,578					$	3,380					$	5,962					21,680
Deferred origination costs and unamortized premium/(discount)																																										79
Allowance for credit losses																																										(1,411)
Total Private Education Loans, net																																										$	20,348
Loans in forbearance as a percentage of total Private Education Loans in repayment and forbearance						0.75		%				0.22		%				0.15		%				0.10		%				0.14		%				—		%				1.36		%

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Private Education Loans Held for Investment Types

The following table provides information regarding the loans in repayment balance and total loan balance by Private Education Loan held for investment product type at September 30, 2024 and December 31, 2023.

 

As of September 30, 2024 (dollars in thousands)						Signature and Other						Parent Loan(1)						Smart Option						Career Training(2)						Graduate Loan						Total
$ in repayment(3)						$	214,216					$	170,616					$	13,562,896					$	1,518					$	1,411,009					$	15,360,255
$ in total						$	304,638					$	171,475					$	19,269,210					$	1,545					$	2,030,598					$	21,777,466

 

 

As of December 31, 2023 (dollars in thousands)						Signature and Other						Parent Loan(1)						Smart Option						Career Training(2)						Graduate Loan						Total
$ in repayment(3)						$	211,123					$	206,343					$	13,747,153					$	2,066					$	1,243,129					$	15,409,814
$ in total						$	301,265					$	207,448					$	18,764,200					$	2,117					$	1,750,814					$	21,025,844

(1) In December 2021, we discontinued offering our Parent Loan product. Applications for those loans received before the offering termination date continued to be processed, and final disbursements under those loans occurred in February 2023.

(2) In May 2022, we discontinued offering our Career Training loan product. Applications for those loans received before the offering termination date continued to be processed, and final disbursements under those loans occurred in September 2023.

(3) Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period (but, for purposes of the table, do not include those loans while they are in forbearance).

Accrued Interest Receivable

The following table provides information regarding accrued interest receivable on our Private Education Loans held for investment. The table also discloses the amount of accrued interest on loans 90 days or greater past due as compared to our allowance for uncollectible interest. The majority of the total accrued interest receivable represents accrued interest on deferred loans where no payments are due while the borrower is in school and fixed-pay loans where the borrower makes a $25 monthly payment that is smaller than the interest accruing on the loan in that month. The accrued interest on these loans will be capitalized to the balance of the loans when the borrower exits the grace period after separation from school, and the current expected credit losses on accrued interest that will be capitalized is included in our allowance for credit losses.

						Private Education Loans
						Accrued Interest Receivable
(Dollars in thousands)						Total Interest Receivable						90 Days or Greater Past Due						Allowance for Uncollectible Interest(1)(2)
September 30, 2024						$	1,529,814					$	5,534					$	7,426
December 31, 2023						$	1,354,565					$	8,373					$	9,897
September 30, 2023						$	1,429,225					$	6,756					$	8,516

(1)The allowance for uncollectible interest at September 30, 2024 and 2023 represents the expected losses related to the portion of accrued interest receivable on those loans that are in repayment (at September 30, 2024 and 2023, relates to $139 million and $146 million, respectively, of accrued interest receivable) that is/was not expected to be capitalized. The accrued interest receivable that is/was expected to be capitalized ($1.4 billion and $1.3 billion, at September 30, 2024 and 2023, respectively) is reserved in the allowance for credit losses. The accrued interest receivable for the loans delinquent 90 days or greater includes $4.6 million and $6.3 million of accrued interest receivable on those loans that are in repayment that is/was not expected to be capitalized and $0.9 million and $0.5 million that is/was expected to be capitalized, at September 30, 2024 and 2023, respectively.

(2)The allowance for uncollectible interest at December 31, 2023 represents the expected losses related to the portion of accrued interest receivable on those loans in repayment ($151 million of accrued interest receivable) that was not expected to be capitalized. The accrued interest receivable that was expected to be capitalized ($1.2 billion) was reserved in the allowance for credit losses. The accrued interest receivable for the loans delinquent 90 days or greater includes $7.7 million of accrued interest receivable on those loans that are in repayment that was not expected to be capitalized and $0.6 million that was expected to be capitalized.

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Liquidity and Capital Resources

Funding and Liquidity Risk Management

Our primary liquidity needs include our ongoing ability to fund our businesses throughout market cycles, including during periods of financial stress, our ongoing ability to fund originations of Private Education Loans, and our ability to meet any outflows of our Bank deposits. To achieve these objectives, we analyze and monitor our liquidity needs, and maintain excess liquidity and access to diverse funding sources, such as deposits at the Bank, issuance of secured debt primarily through asset-backed securitizations, other financing facilities, and loan sales.

At September 30, 2024 and December 31, 2023, our sources of liquidity included liquid investments with unrealized losses of $84.9 million and $128.9 million, respectively. It is our policy to manage operations so liquidity needs are fully satisfied through normal operations to avoid unplanned loan or liquid investment sales under all but the most dire emergency conditions. Our liquidity management is governed by policies approved by our Board of Directors. Oversight of these policies is performed in the Asset and Liability Committee, a management-level committee. These policies take into account the volatility of cash flow forecasts, expected asset and liability maturities, anticipated loan demand, and a variety of other factors to establish minimum liquidity guidelines.

Key risks associated with our liquidity relate to our ability to access the capital markets and the markets for bank deposits at reasonable rates. This ability may be affected by our performance, competitive pressures, the macroeconomic environment, and the impact they have on the availability of funding sources in the marketplace. We target maintaining sufficient on-balance sheet and contingent sources of liquidity to enable us to meet all contractual and contingent obligations under various stress scenarios, including severe macroeconomic stresses as well as specific stresses that test the resiliency of our balance sheet. We hold a significant liquidity buffer of cash and securities, which we expect to maintain through 2024. Due to the seasonal nature of our business, our liquidity levels will likely vary from quarter to quarter.

Sources of Liquidity and Available Capacity

Ending Balances

(Dollars in thousands)						September 30, 2024						December 31, 2023
Sources of primary liquidity:
Unrestricted cash and liquid investments:
Holding Company and other non-bank subsidiaries						$	17,190					$	3,224
Sallie Mae Bank(1)						4,472,349						4,146,614
Available-for-sale investments						1,431,450						1,988,295
Total unrestricted cash and liquid investments						$	5,920,989					$	6,138,133

(1) This amount will be used primarily to originate Private Education Loans at the Bank.

Average Balances

 

						Three Months Ended   September 30,												Nine Months Ended   September 30,
(Dollars in thousands)						2024						2023						2024						2023
Sources of primary liquidity:
Unrestricted cash and liquid investments:
Holding Company and other non-bank subsidiaries						$	10,703					$	3,609					$	8,232					$	5,840
Sallie Mae Bank(1)						5,070,733						4,130,488						4,398,998						3,969,493
Available-for-sale investments						1,644,517						1,954,661						1,733,576						1,984,226
Total unrestricted cash and liquid investments						$	6,725,953					$	6,088,758					$	6,140,806					$	5,959,559

(1) This amount will be used primarily to originate Private Education Loans at the Bank.

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Deposits

The following table summarizes total deposits at September 30, 2024 and December 31, 2023.

						September 30,									December 31,
(Dollars in thousands)						2024									2023
Deposits - interest-bearing						$	21,444,710								$	21,651,657
Deposits - non-interest-bearing						747									1,531
Total deposits						$	21,445,457								$	21,653,188

Our total deposits of $21.4 billion were comprised of $9.8 billion in brokered deposits and $11.6 billion in retail and other deposits at September 30, 2024, compared to total deposits of $21.7 billion, which were comprised of $10.3 billion in brokered deposits and $11.4 billion in retail and other deposits, at December 31, 2023.

Interest-bearing deposits as of September 30, 2024 and December 31, 2023 consisted of retail and brokered non-maturity savings deposits, retail and brokered non-maturity MMDAs, and retail and brokered CDs. Interest-bearing deposits also include deposits from Educational 529 and Health Savings plans that diversify our funding sources and that we consider to be core. These and other large omnibus accounts, aggregating the deposits of many individual depositors, represented $7.0 billion and $7.6 billion of our deposit total as of September 30, 2024 and December 31, 2023, respectively. The omnibus accounts are structured in such a way that entitles the individual depositor pass-through deposit insurance (subject to FDIC rules and limitations), and the majority of these deposits have contractual minimum balances and maturity terms.

Some of our deposit products are serviced by third-party providers. Placement fees associated with the brokered CDs are amortized into interest expense using the effective interest rate method. We recognized placement fee expense of $3 million and $3 million in the three months ended September 30, 2024 and 2023, respectively, and placement fee expense of $8 million and $9 million in the nine months ended September 30, 2024 and 2023, respectively. Fees paid to third-party brokers related to brokered CDs were $6 million and $4 million for the three months ended September 30, 2024 and September 30, 2023, respectively, and fees paid to third-party brokers related to brokered CDs were $6 million and $7 million for the nine months ended September 30, 2024 and September 30, 2023, respectively.

Interest bearing deposits at September 30, 2024 and December 31, 2023 are summarized as follows:

						September 30, 2024												December 31, 2023
(Dollars in thousands)						Amount						Qtr.-End Weighted Average Stated Rate(1)						Amount						Year-End Weighted Average Stated Rate(1)
Money market						$	9,499,233					4.66		%				$	10,258,292					4.85		%
Savings						985,036						4.32						945,000						4.35
Certificates of deposit						10,960,441						4.17						10,448,365						3.69
Deposits - interest bearing						$	21,444,710											$	21,651,657

(1) Includes the effect of interest rate swaps in effective hedge relationships.

As of September 30, 2024 and December 31, 2023, there were $513 million and $478 million, respectively, of deposits exceeding FDIC insurance limits. Accrued interest on deposits was $70 million and $91 million at September 30, 2024 and December 31, 2023, respectively.

Counterparty Exposure

Counterparty exposure related to financial instruments arises from the risk that a lending, investment, or derivative counterparty will not be able to meet its obligations to us.

Excess cash is generally invested with the FRB on an overnight basis or in the FRB’s Term Deposit Facility, minimizing counterparty exposure on cash balances.

Our investment portfolio is primarily comprised of a small portfolio of mortgage-backed securities issued by government agencies and government-sponsored enterprises that are purchased to meet CRA targets. Additionally, our

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investing activity is governed by Board-approved limits on the amount that is allowed to be invested with any one issuer based on the credit rating of the issuer, further minimizing our counterparty exposure. Counterparty credit risk is considered when valuing investments and considering impairment.

Related to derivative transactions, protection against counterparty risk is generally provided by International Swaps and Derivatives Association, Inc. Credit Support Annexes (“CSAs”), or clearinghouses for over-the-counter derivatives. CSAs require a counterparty to post collateral if a potential default would expose the other party to a loss. All derivative contracts entered into by the Bank are covered under CSAs or clearinghouse agreements and require collateral to be exchanged based on the net fair value of derivatives with each counterparty. Our exposure to the counterparty is limited to the value of the derivative contracts in a gain position, less any collateral held by us and plus collateral posted with the counterparty.

Title VII of the Dodd-Frank Act requires all standardized derivatives, including most interest rate swaps, to be submitted for clearing to central counterparties to reduce counterparty risk. Two of the central counterparties we use are the CME and the LCH. All variation margin payments on derivatives cleared through the CME and LCH are accounted for as legal settlement. As of September 30, 2024, $855 million notional of our derivative contracts were cleared on the CME and $88 million were cleared on the LCH. The derivative contracts cleared through the CME and LCH represent 90.6 percent and 9.4 percent, respectively, of our total notional derivative contracts of $943 million at September 30, 2024.

For derivatives cleared through the CME and LCH, the net gain (loss) position includes the variation margin amounts as settlement of the derivative and not collateral against the fair value of the derivative. The amount of variation margin included as settlement as of September 30, 2024 was $(20) million and $(1) million for the CME and LCH, respectively. Changes in fair value for derivatives not designated as hedging instruments are presented as realized gains (losses).

Our exposure to the counterparty is limited to the value of the derivative contracts in a gain position less any collateral held and plus any collateral posted. When there is a net negative exposure, we consider our exposure to the counterparty to be zero. At September 30, 2024 and December 31, 2023, we had a net positive exposure (derivative gain/loss positions to us, less collateral held by us and plus collateral posted with counterparties) related to derivatives of $6 million and $9 million, respectively.

We have liquidity exposure related to collateral movements between us and our derivative counterparties. Movements in the value of the derivatives, which are primarily affected by changes in interest rates, may require us to return cash collateral held or may require us to access primary liquidity to post collateral to counterparties.

The table below highlights exposure related to our derivative counterparties as of September 30, 2024.

As of September 30, 2024 (dollars in thousands)						SLM Corporation and Sallie Mae Bank Contracts
Total exposure, net of collateral						$	6,337
Exposure to counterparties with credit ratings, net of collateral						$	6,337
Percent of exposure to counterparties with credit ratings below S&P AA- or Moody’s Aa3						—		%
Percent of exposure to counterparties with credit ratings below S&P A- or Moody’s A3						—		%

Regulatory Capital

The Bank is subject to various regulatory capital requirements administered by federal and state banking authorities. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material adverse effect on our business, results of operations, and financial condition. Under U.S. Basel III and the regulatory framework for prompt corrective action, the Bank must meet specific capital standards that involve quantitative measures of its assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and its classification under the prompt corrective action framework are also subject to qualitative judgments by the regulators about components of capital, risk weightings, and other factors.

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 Capital Management

The Bank intends to maintain at all times regulatory capital levels that meet both the minimum levels required under U.S. Basel III (including applicable buffers) and the levels necessary to be considered “well capitalized” under the FDIC’s prompt corrective action framework, in order to support asset growth and operating needs, address unexpected credit risks, and protect the interests of depositors and the Deposit Insurance Fund administered by the FDIC. The Bank’s Capital Policy requires management to monitor these capital standards and the Bank’s compliance with them. The Board of Directors and management periodically evaluate the quality of assets, the stability of earnings, and the adequacy of the allowance for credit losses for the Bank. The Company is a source of strength for the Bank and will provide additional capital if necessary.

We believe that current and projected capital levels are appropriate for 2024. As of September 30, 2024, the Bank’s risk-based and leverage capital ratios exceed the required minimum ratios and the applicable buffers under the fully phased-in U.S. Basel III standards as well as the “well capitalized” standards under the prompt corrective action framework.

Under U.S. Basel III, the Bank is required to maintain the following minimum regulatory capital ratios: a Common Equity Tier 1 risk-based capital ratio of 4.5 percent, a Tier 1 risk-based capital ratio of 6.0 percent, a Total risk-based capital ratio of 8.0 percent, and a Tier 1 leverage ratio of 4.0 percent. In addition, the Bank is subject to a Common Equity Tier 1 capital conservation buffer of greater than 2.5 percent. Failure to maintain the buffer will result in restrictions on the Bank’s ability to make capital distributions, including the payment of dividends, and to pay discretionary bonuses to executive officers. Including the buffer, the Bank is required to maintain the following capital ratios under U.S. Basel III in order to avoid such restrictions: a Common Equity Tier 1 risk-based capital ratio of greater than 7.0 percent, a Tier 1 risk-based capital ratio of greater than 8.5 percent, and a Total risk-based capital ratio of greater than 10.5 percent.

To qualify as “well capitalized” under the prompt corrective action framework for insured depository institutions, the Bank must maintain a Common Equity Tier 1 risk-based capital ratio of at least 6.5 percent, a Tier 1 risk-based capital ratio of at least 8.0 percent, a Total risk-based capital ratio of at least 10.0 percent, and a Tier 1 leverage ratio of at least 5.0 percent.

In July 2023, the federal banking agencies proposed a rule to implement significant changes to the U.S. Basel Ill regulatory capital requirements. The proposed changes to the regulatory capital requirements generally would amend or introduce approaches and methodologies that would apply to banking organizations with total consolidated assets of $100 billion or more or to banking organizations with significant trading activity. The proposed rule therefore would not affect the Bank's capital requirements or the calculation of its capital ratios.

Under regulations issued by the FDIC and other federal banking agencies, banking organizations that adopted CECL during the 2020 calendar year, including the Bank, could elect to delay for two years, and then phase in over the following three years, the effects on regulatory capital of CECL relative to the incurred loss methodology. The Bank elected to use this option. Therefore, the regulatory capital impact of the Bank’s transition adjustments recorded on January 1, 2020 from the adoption of CECL, and 25 percent of the ongoing impact of CECL on the Bank’s allowance for credit losses, retained earnings, and average total consolidated assets, each as reported for regulatory capital purposes (collectively, the “adjusted transition amounts”), were deferred for the two-year period ending January 1, 2022. On each of January 1, 2022, 2023, and 2024, 25 percent of the adjusted transition amounts were phased in for regulatory capital purposes. On January 1, 2025, the remaining 25 percent of the adjusted transition amounts will be phased in for regulatory capital purposes, with the phased in amounts included in regulatory capital at the beginning of the year. The Bank’s January 1, 2020 CECL transition amounts increased our allowance for credit losses by $1.1 billion, increased the liability representing our off-balance sheet exposure for unfunded commitments by $116 million, and increased our deferred tax asset by $306 million, resulting in a cumulative effect adjustment that reduced retained earnings by $953 million. This transition adjustment was inclusive of qualitative adjustments incorporated into our CECL allowance as necessary, to address any limitations in the models used.

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At September 30, 2024, the adjusted transition amounts that were deferred and are being phased in for regulatory capital purposes are as follows:

						Adjusted Transition Amounts						Phase-In Amounts for the Year Ended						Phase-In Amounts for the Year Ended						Phase-In Amounts for the Nine Months Ended						Remaining Adjusted Transition Amounts to be Phased-In
(Dollars in thousands)						December 31, 2021						December 31, 2022						December 31, 2023						September 30, 2024						September 30, 2024
Retained earnings						$	836,351					$	(209,088)					$	(209,088)					$	(209,088)					$	209,087
Allowance for credit losses						1,038,145						(259,536)						(259,536)						(259,536)						259,537
Liability for unfunded commitments						104,377						(26,094)						(26,094)						(26,095)						26,094
Deferred tax asset						306,171						(76,542)						(76,542)						(76,543)						76,544

The Bank’s required and actual regulatory capital amounts and ratios, including applicable capital conservation buffers, under U.S. Basel III are shown in the following table. The following capital amounts and ratios are based upon the Bank’s average assets and risk-weighted assets, as indicated. The Bank has elected to exclude accumulated other comprehensive income related to both available-for-sale investments and swap valuations from Common Equity Tier 1 Capital. At September 30, 2024 and December 31, 2023, the unrealized loss on available-for-sale investments included in other comprehensive income totaled $69 million and $115 million, net of tax of $22 million and $37 million, respectively. The capital ratios would remain above the well capitalized thresholds, including applicable capital conservation buffers, if the unrealized loss became fully recognized into capital.

						Actual									U.S. Basel III Minimum Requirements Plus Buffer(1)(2)
(Dollars in thousands)						Amount			Ratio						Amount						Ratio
As of September 30, 2024(3):
Common Equity Tier 1 Capital (to Risk-Weighted Assets)						$	2,985,360		11.6		%				$	1,803,995		>			7.0		%
Tier 1 Capital (to Risk-Weighted Assets)						$	2,985,360		11.6		%				$	2,190,566		>			8.5		%
Total Capital (to Risk-Weighted Assets)						$	3,318,657		12.9		%				$	2,705,993		>			10.5		%
Tier 1 Capital (to Average Assets)						$	2,985,360		10.1		%				$	1,185,423		>			4.0		%
As of December 31, 2023(3):
Common Equity Tier 1 Capital (to Risk-Weighted Assets)						$	3,019,973		12.3		%				$	1,719,621		>			7.0		%
Tier 1 Capital (to Risk-Weighted Assets)						$	3,019,973		12.3		%				$	2,088,111		>			8.5		%
Total Capital (to Risk-Weighted Assets)						$	3,334,140		13.6		%				$	2,579,432		>			10.5		%
Tier 1 Capital (to Average Assets)						$	3,019,973		10.2		%				$	1,184,213		>			4.0		%

            

             

(1)    Reflects the U.S. Basel III minimum required ratio plus the applicable capital conservation buffer.

(2)    The Bank’s regulatory capital ratios also exceeded all applicable standards for the Bank to qualify as “well capitalized” under the prompt corrective action framework.

(3)    For both September 30, 2024 and December 31, 2023, the actual amounts and the actual ratios include the adjusted transition amounts discussed above that were phased in at the beginning of 2024 and 2023.

 

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Dividends

The Bank is chartered under the laws of the State of Utah and its deposits are insured by the FDIC. The Bank’s ability to pay dividends is subject to the laws of Utah and the regulations of the FDIC. Generally, under Utah’s industrial bank laws and regulations as well as FDIC regulations, the Bank may pay dividends from its net profits without regulatory approval if, following the payment of the dividend, the Bank’s capital and surplus would not be impaired. The Bank declared $116 million and $414 million in dividends to the Company for the three and nine months ended September 30, 2024, respectively, and $100 million and $400 million in dividends to the Company for the three and nine months ended September 30, 2023, respectively, with the proceeds primarily used to fund share repurchase programs and stock dividends. In the future, we expect that the Bank will pay dividends to the Company as may be necessary to enable the Company to pay any declared dividends on its Series B Preferred Stock and common stock and to consummate any common share repurchases by the Company under its share repurchase programs.

Borrowings

Outstanding borrowings consist of unsecured debt and secured borrowings issued through our term ABS program and our Secured Borrowing Facility. The issuing entities for those secured borrowings are VIEs and are consolidated for accounting purposes. The following table summarizes our borrowings at September 30, 2024 and December 31, 2023, respectively. For additional information, see Notes to Consolidated Financial Statements, Note 9, “Borrowings” in this Form 10-Q.

						September 30, 2024																		December 31, 2023
(Dollars in thousands)						Short-Term						Long-Term						Total						Short-Term						Long-Term						Total
Unsecured borrowings:
Unsecured debt (fixed-rate)						$	—					$	994,614					$	994,614					$	—					$	992,200					$	992,200
Total unsecured borrowings						—						994,614						994,614						—						992,200						992,200
Secured borrowings:
Private Education Loan term securitizations:
Fixed-rate						—						4,204,755						4,204,755						—						3,585,254						3,585,254
Variable-rate						—						837,158						837,158						—						650,058						650,058
Total Private Education Loan term securitizations						—						5,041,913						5,041,913						—						4,235,312						4,235,312
Secured Borrowing Facility						—						—						—						—						—						—
Total secured borrowings						—						5,041,913						5,041,913						—						4,235,312						4,235,312
Total						$	—					$	6,036,527					$	6,036,527					$	—					$	5,227,512					$	5,227,512

Short-term Borrowings

On May 7, 2024 and June 14, 2024, we amended our Secured Borrowing Facility to extend the maturity of the facility. The amount that can be borrowed under the facility is $2 billion. We hold 100 percent of the residual interest in the Secured Borrowing Facility trust. Under the Secured Borrowing Facility, we incur financing costs on unused borrowing capacity and on outstanding advances. The amended Secured Borrowing Facility extended the revolving period, during which we may borrow, repay, and reborrow funds, until June 13, 2025. The scheduled amortization period, during which amounts outstanding under the Secured Borrowing Facility must be repaid, ends on June 13, 2026 (or earlier, if certain material adverse events occur). At both September 30, 2024, and December 31, 2023, there were no secured borrowings outstanding under the Secured Borrowing Facility.

Other Borrowing Sources

We maintain discretionary uncommitted Federal Funds lines of credit with various correspondent banks, which totaled $125 million at September 30, 2024. The interest rate we are charged on these lines of credit is priced at Fed Funds plus a spread at the time of borrowing and is payable daily. We did not utilize these lines of credit in the nine months ended September 30, 2024 nor in the year ended December 31, 2023.

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We established an account at the FRB to meet eligibility requirements for access to the Primary Credit borrowing facility at the FRB’s Window. The Primary Credit borrowing facility is a lending program available to depository institutions that are in generally sound financial condition. All borrowings at the Window must be fully collateralized. We can pledge asset-backed and mortgage-backed securities, as well as FFELP Loans and Private Education Loans, to the FRB as collateral for borrowings at the Window. Generally, collateral value is assigned based on the estimated fair value of the pledged assets. At September 30, 2024 and December 31, 2023, the value of our pledged collateral at the FRB totaled $2.3 billion and $1.6 billion, respectively. The interest rate charged to us is the discount rate set by the FRB. We did not utilize this facility in the nine months ended September 30, 2024 nor in the year ended December 31, 2023.

Contractual Loan Commitments

When we approve a Private Education Loan at the beginning of an academic year, that approval may cover the borrowing for the entire academic year. As such, we do not always disburse the full amount of the loan at the time of such approval, but instead have a commitment to fund a portion of the loan at a later date (usually at the start of the second semester or subsequent trimesters). We estimate expected credit losses over the contractual period in which we are exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by us. At September 30, 2024, we had $2.5 billion of outstanding contractual loan commitments that we expect to fund during the remainder of the 2024/2025 academic year. At September 30, 2024, we had a $92 million reserve recorded in “Other Liabilities” to cover expected losses that may occur during the one-year loss emergence period on these unfunded commitments. See Notes to Consolidated Financial Statements, Note 2, “Significant Accounting Policies - Allowance for Credit Losses — Off-Balance Sheet Exposure for Contractual Loan Commitments” in our 2023 Form 10-K and Note 6, “Unfunded Loan Commitments” in this Form 10-Q for additional information.

Critical Accounting Policies and Estimates

Management’s Discussion and Analysis of Financial Condition and Results of Operations addresses our consolidated financial statements, which have been prepared in accordance with GAAP. In preparing our consolidated financial statements, we have identified certain accounting estimates and assumptions that we consider to be the most critical to an understanding of our financial statements because they involve significant judgments and uncertainties.

The critical accounting estimates we have identified relate to the allowance for credit losses. These estimates reflect our best judgment about current and, for some estimates, including management overlays, future economic and market conditions. These estimates are based on information available as of the date of these financial statements. If conditions change from those expected, it is reasonably possible that these judgments and estimates could change, which may result in a change in the allowance for credit losses or material changes to our consolidated financial statements. A discussion of our critical accounting policies can be found in our 2023 Form 10-K.

Allowance for Credit Losses

We maintain an allowance for credit losses for the lifetime expected credit losses on loans in our portfolios, as well as for future loan commitments, at the reporting date.

In determining the lifetime expected credit losses on our Private Education Loan portfolio loan segments, we use a discounted cash flow method. This method requires us to project future principal and interest cash flows on our loans in those portfolios.

To estimate the future expected cash flows, we use statistical loan-level models that consider life of loan expectations for defaults, prepayments, recoveries, and any other qualitative adjustments deemed necessary, to determine the adequacy of the allowance at each balance sheet date. These cash flows are discounted at the loan’s effective interest rate to calculate the present value of those cash flows. Management adjusts the effective interest rate used to discount expected cash flows to incorporate expected prepayments. The difference between the present value of those cash flows and the amortized cost basis of the underlying loans is the allowance for credit losses. Entities that measure credit losses based on the present value of expected future cash flows are permitted to report the entire change in present value as credit loss expense, but may alternatively report the change in present value due to the passage of time as interest income. We have elected to report the entire change in present value as credit loss expense.

We estimate future default rates used in our current expected credit losses at a loan level using historical loss experience, current borrower characteristics, current conditions, and economic factors forecasted over a reasonable and supportable period. At the end of the reasonable and supportable forecast period, we immediately revert our forecasted economic factors to long-term historical averages.

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We estimate future prepayment speeds used in our current expected credit losses at a loan level using historical prepayment experience, current borrower characteristics, current conditions, and economic factors forecasted over a reasonable and supportable period. At the end of the reasonable and supportable forecast period, we immediately revert our forecasted economic factors to long-term historical averages.

The reasonable and supportable forecast period is meant to represent the period in which we believe we can estimate the impact of forecasted economic factors in our expected losses. We use a two-year reasonable and supportable forecast period, although this period is subject to change as our view evolves on our ability to reasonably forecast economic conditions to estimate future losses.

In estimating future default rates and prepayment speeds in our current expected credit losses, we use a combination of expected economic scenarios coupled with our historical experience to derive a base case adjusted for any qualitative factors (as described below). We also develop an adverse and favorable economic scenario. At each reporting date, we determine the appropriate weighting of these alternate scenarios based upon the current economic conditions and our view of the risks of alternate outcomes. This weighting of expectations is used in calculating our current expected credit losses recorded each period.

In estimating recoveries, we use both estimates of what we would receive from the sale of defaulted loans as well as historical borrower payment behavior to estimate the timing and amount of future recoveries on charged-off loans.

In addition to the above modeling approach, we also take certain other qualitative factors into consideration when calculating the allowance for credit losses, which could result in management overlays (increases or decreases to the allowance for credit losses). These management overlays can encompass a broad array of factors not captured by model inputs, including, but not limited to, changes in lending policies and procedures, including changes in underwriting standards, changes in servicing policies and collection administration practices, state law changes that could impact servicing and collection practices, charge-offs, recoveries not already included in the analysis, the effect of other external factors such as legal and regulatory requirements on the level of estimated current expected credit losses, the performance of the model over time versus actual losses, and any other operational or regulatory changes that could affect our estimate of future losses.

The evaluation of the allowance for credit losses is inherently subjective, as it requires material estimates that may be susceptible to significant changes. If actual future performance in delinquency, charge-offs, and recoveries is significantly different than estimated, or management assumptions or practices were to change, this could materially affect the estimate of the allowance for credit losses, the timing of when losses are recognized, and the related provision for credit losses in our consolidated statements of income.

When calculating our allowance for credit losses and liability for unfunded commitments, we incorporate several inputs that are subject to change period to period. These include, but are not limited to, CECL model inputs and any overlays deemed necessary by management. The most impactful CECL model inputs include:

•Economic forecasts;

•Weighting of economic forecasts; and

•Recovery rates.

Of the model inputs outlined above, economic forecasts, weighting of economic forecasts, and recovery rates are subject to estimation uncertainty, and changes in these inputs could have a material impact to our allowance for credit losses and the related provision for credit losses.

In the second quarter of 2024, we implemented a loan-level future default rate model that includes current portfolio characteristics and forecasts of real gross domestic product and college graduate unemployment. In the second quarter of 2024, we also implemented a future prepayment speeds model to include forecasts of real gross domestic product, retail sales, SOFR, and the U.S. 10-year treasury rate. These models reduce the reliance on certain qualitative overlays compared to the previous default rate and prepayment speeds models. Prior to these changes, our loss models used forecasts of college graduate unemployment, retail sales, home price index, and median family income. Both the future default rate model and the future prepayment speeds model are used in determining the adequacy of the allowance for credit losses. The combined impact upon implementation of these model enhancements and the changes in the related qualitative overlays did not have a material impact on the overall level of our allowance for credit losses.

We obtain forecasts for our loss model inputs from Moody’s Analytics. Moody’s Analytics provides a range of forecasts for each of these inputs with various likelihoods of occurrence. We determine which forecasts we will include in our estimation of allowance for credit losses and the associated weightings for each of these inputs. At September 30, 2024, December 31, 2023, and September 30, 2023, we used the Baseline (50th percentile likelihood of occurring)/S1

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(stronger near-term growth scenario - 10 percent likelihood of occurring)/S3 (unfavorable (or downside) scenario - 10 percent likelihood of occurring) and weighted them 40 percent, 30 percent, and 30 percent, respectively. Management reviews both the scenarios and their respective weightings each quarter in determining the allowance for credit losses.

To demonstrate the sensitivity of the allowance for credit losses for our Private Education Loan portfolio to a more pessimistic forecast of expected economic outcomes, we considered what our allowance for credit losses would be if we applied a 100 percent probability weighting to the S3 unfavorable (or downside) scenario (with a concomitant 0 percent weighting for both the Baseline and S1 stronger near-term growth scenarios) under the range of scenarios noted above. Excluding consideration of qualitative adjustments, this sensitivity analysis would result in a hypothetical increase in our allowance for credit losses as of September 30, 2024 of $175 million or 11.6 percent. This scenario does not reflect our current expectations as of September 30, 2024, nor does it capture other qualitative adjustments or all the potential unknown variables that could arise in the forecast period, but it provides an approximation of a possible outcome under hypothetical pessimistic conditions. The estimated impact was calculated for the two-year reasonable and supportable period, but was not calculated for the remaining periods since long-term assumptions used to calculate the allowance for the remaining periods are based on longer term averages and only change when we determine there is a fundamental change that will affect the long-term rate.

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Item 3.     Quantitative and Qualitative Disclosures about Market Risk

Interest Rate Sensitivity Analysis

Our interest rate risk management program seeks to manage and control interest rate risk, thereby reducing our exposure to fluctuations in interest rates, and achieving consistent and acceptable levels of profit in any rate environment and sustainable growth in net interest income over the long term. We evaluate and monitor interest rate risk through two primary methods:

•Earnings at Risk (“EAR”), which measures the impact of hypothetical changes in interest rates on net interest income; and

•Economic Value of Equity (“EVE”), which measures the sensitivity or change in the economic value of equity to changes in interest rates.

A number of potential interest rate scenarios are simulated using our asset liability management system. The Bank is the primary source of interest rate risk within the Company. At September 30, 2024, a significant portion of the Bank’s earning assets and a large balance of deposits were indexed to 30-day average SOFR. Therefore, 30-day average SOFR is considered a core rate in our interest rate risk analysis. The 30-day average SOFR and other rates are shocked in parallel for shock scenarios unless otherwise indicated. Rates are adjusted up or down via a set of scenarios that includes both rate shocks and ramps. Rate shocks represent an immediate and sustained change in key rates, with the resulting changes in other indices correlated accordingly. Interest rate ramps represent a linear increase in those key rates over the course of 12 months, with the resulting changes in other indices correlated accordingly.

The following table summarizes the potential effect on earnings over the next 24 months and the potential effect on market values of balance sheet assets and liabilities at September 30, 2024 and 2023, based upon a sensitivity analysis performed by management assuming hypothetical increases in market interest rates of 100 and 300 basis points and a decrease of 100 and 300 basis points while credit and funding spreads remain constant. EAR analysis assumes a static balance sheet, with maturities of each product replaced with assumed issuance of new products of the same type. The EVE sensitivity is applied only to financial assets and liabilities, including hedging instruments, that existed at the balance sheet date, and does not reflect any impact of loan sales, new assets, liabilities, commitments, or hedging instruments that may arise in the future.

The EAR results for September 30, 2024 indicate a market risk profile of low sensitivity to rate changes, based on static balance sheet assumptions over the next two years. The higher mix of fixed-rate versus variable-rate loan disbursements continues, which results in our liabilities repricing more quickly than our assets over time. Planned loan sales, which are not included in the static EVE modeling, significantly reduce this exposure. The recent Fed Funds Effective Rate reduction and the corresponding rate decrease in other indices has improved EVE sensitivity as compared to the year-ago period. Management continues to evaluate this trend to determine if and when further actions are necessary to manage EVE sensitivity.

2024

2023

As of September 30,

+300 Basis Points

+100 Basis Points

-100 Basis Points

-300 Basis Points

+300 Basis Points

+100 Basis Points

-100 Basis Points

-300 Basis Points

EAR - Shock

-7.0%

-2.2%

+1.9%

+5.3%

-2.5%

-0.8%

+0.5%

+1.5%

EAR - Ramp

-4.0%

-1.3%

+1.1%

+3.2%

-2.2%

-0.7%

+0.6%

+1.6%

EVE

-21.3%

-7.0%

+6.6%

+20.8%

-25.1%

-8.7%

+8.8%

+26.5%

    

In the preceding tables, the interest rate sensitivity analysis reflects the balance sheet mix of fixed-rate loans and funding as well as fully variable SOFR-based loans, and fully variable funding, including brokered CDs that have been converted to SOFR through derivative transactions. The analysis assumes that retail MMDAs and retail savings balances, while relatively sensitive to interest rate changes, will not correlate 100 percent to the full interest rate shocks or ramps.

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Also considered is the impact of FFELP Loans, which receive floor income in low interest rate environments, and will therefore not reprice fully with interest rate shocks.

Although we believe that these measurements provide an estimate of our interest rate sensitivity, they do not account for potential changes in credit quality, balance sheet mix, and size of our balance sheet. They also do not account for other business developments that could affect net income, or for management actions that could affect net income or could be taken to change our risk profile. Accordingly, we can give no assurance that actual results would not differ materially from the estimated outcomes of our simulations. Further, such simulations do not represent our current view of expected future interest rate movements.

Asset and Liability Funding Gap

The table below presents our assets and liabilities (funding) arranged by underlying indices as of September 30, 2024. In the following GAAP presentation, the funding gap only includes derivatives that qualify as effective hedges (those derivatives which are reflected in net interest income, as opposed to those reflected in the “gains (losses) on derivatives and hedging activities, net” line on the consolidated statements of operations). The difference between the asset and the funding is the funding gap for the specified index. This represents, at a high level, our exposure to interest rate risk in the form of basis risk and repricing risk, which is the risk that the different indices may reset at different frequencies or may not move in the same direction or at the same magnitude. (Note that all fixed-rate assets and liabilities are aggregated into one line item, which does not capture the differences in time due to maturity.)

As of September 30, 2024 (dollars in millions) Index						Frequency of Variable Resets						Assets						Funding (1)						Funding Gap
Fed Funds Effective Rate						daily/weekly/monthly						$	—					$	546.4					$	(546.4)
SOFR Rate						daily/weekly/monthly						5,844.7						4,740.8						1,103.9
3-month SOFR						quarterly						—						251.1						(251.1)
3-month Treasury bill						weekly						75.4						—						75.4
Prime						monthly						0.3						—						0.3
Non-Discrete reset(2)						daily/weekly						4,715.4						3,632.5						1,082.9
Fixed-Rate(3)												19,377.0						20,842.0						(1,465.0)
Total												$	30,012.8					$	30,012.8					$	—

         

(1)     Funding (by index) includes the impact of all derivatives that qualify as effective hedges.

(2)     Assets include restricted and unrestricted cash equivalents and other overnight type instruments. Funding includes liquid retail deposits and the obligation to return cash collateral held related to derivatives exposures.

(3)     Assets include receivables and other assets (including premiums and reserves). Funding includes unswapped time deposits, liquid MMDAs swapped to fixed-rates, and stockholders' equity.

The “Funding Gap” in the above table shows primarily mismatches in the Fed Funds Effective Rate, SOFR rate, 3-month SOFR, Non-Discrete reset, and fixed-rate categories. Changes in the Fed Funds Effective Rate, the Non-Discrete reset, and the daily, weekly, and monthly SOFR, and 3-month SOFR categories are generally quite highly correlated and the rates would be expected to offset each other relatively effectively. The funding in the fixed-rate bucket includes $1.9 billion of equity and $0.4 billion of non-interest bearing liabilities. We consider the overall repricing risk to be moderate, which is supported by other analyses of interest rate sensitivity.

We use interest rate swaps and other derivatives to achieve our risk management objectives. Our asset liability management strategy is to match assets with debt (in combination with derivatives) that have the same underlying index and reset frequency or have interest rate characteristics that we believe are highly correlated. The use of funding with index types and reset frequencies that are different from our assets exposes us to interest rate risk in the form of basis and repricing risk. This could result in our cost of funds not moving in the same direction or with the same magnitude as the yield on our assets. While we believe this risk is low, as all of these indices are short-term with rate movements that are highly correlated over a long period of time, market disruptions (which have occurred in recent years) can lead to a temporary divergence between indices, resulting in a negative impact to our earnings.

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Weighted Average Life

The following table reflects the weighted average lives of our earning assets and liabilities at September 30, 2024.

 

As of September 30, 2024 (averages in years)			Weighted Average Life
Earning assets
Education loans			5.40
Cash and investments			1.27
Total earning assets			4.43
Deposits
Short-term deposits			0.66
Long-term deposits			2.35
Total deposits			0.95
Borrowings
Long-term borrowings			3.55
Total borrowings			3.55

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Item 4.     Controls and Procedures

Disclosure Controls and Procedures

Our management, with the participation of our principal executive officer and principal financial officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of September 30, 2024. Based on this evaluation, our principal executive officer and principal financial officer concluded that, as of September 30, 2024, our disclosure controls and procedures were effective to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is (i) recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and (ii) accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

No change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) occurred during the fiscal quarter ended September 30, 2024 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 1.    Legal Proceedings

We and our subsidiaries and affiliates are subject to various claims, lawsuits, and other actions that arise in the normal course of business. It is common for the Company, our subsidiaries, and affiliates to receive information and document requests and investigative demands from state attorneys general, legislative committees, and administrative agencies. These requests may be for informational or regulatory purposes and may relate to our business practices, the industries in which we operate, or other companies with whom we conduct business. Our practice has been and continues to be to cooperate with these bodies and be responsive to any such requests.

On January 18, 2017, the CFPB filed a complaint in federal court in Pennsylvania against Navient, along with its subsidiaries, Navient Solutions, Inc. and Pioneer Credit Recovery, Inc. The complaint alleges these Navient entities, among other things, engaged in deceptive practices with respect to their historic servicing and debt collection practices. Neither SLM, the Bank, nor any of their current subsidiaries are named in, or otherwise a party to, the lawsuit and are not alleged to have engaged in any wrongdoing. The CFPB’s complaint asserts Navient’s assumption of these liabilities under the Separation and Distribution Agreement for alleged conduct that predated the Spin-Off.

On September 12, 2024, the federal court in Pennsylvania in the above-referenced lawsuit entered a Stipulated Final Judgment and Order that was agreed to by the CFPB and the Navient defendants to settle and resolve all matters in dispute arising from Navient’s conduct alleged in the lawsuit. Neither SLM, the Bank, nor any of their current subsidiaries were named in, or otherwise a party to, that lawsuit, and no claims were asserted against them. The Company and the Bank were not parties to the settlement and have not contributed any of the relief to be provided in the settlement.

For additional information regarding our legal proceedings, see Part I, Item 3. “Legal Proceedings” in our 2023 Form 10-K. See also the section labeled “History” on page 3 of our 2023 Form 10-K for definitions and discussion regarding the “Spin Off” and “pre-Spin-Off SLM.”

Item 1A. Risk Factors

Our business activities involve a variety of risks. Readers should carefully consider the risk factors disclosed in Part I, Item 1A. “Risk Factors” of our 2023 Form 10-K.

Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds

Share Repurchases

The following table provides information relating to our purchase of shares of our common stock in the three months ended September 30, 2024.

 

(In thousands, except per share data)			Total Number of Shares Purchased(1)						Average Price Paid per Share						Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(2)(3)						Approximate Dollar Value of Shares That May Yet Be Purchased Under Publicly Announced Plans or Programs(2)
Period:
July 1 - July 31, 2024			1,574						$	22.40					1,570						$	527,000
August 1 - August 31, 2024			2,003						$	21.17					1,973						$	486,000
September 1 - September 30, 2024			1,803						$	21.33					1,802						$	448,000
Total third-quarter 2024			5,380						$	21.58					5,345

(1)      The total number of shares purchased includes the shares of our common stock tendered to us to satisfy the exercise price in connection with cashless exercises of stock options, and tax withholding obligations in connection with exercises of stock options and vesting of restricted stock, restricted stock units, and performance stock units.

(2)     As of September 30, 2024, we had $448 million in capacity remaining under the 2024 Share Repurchase Program. The 2024 Share Repurchase Program was announced on January 24, 2024, with an effective date of January 26, 2024, and expires on February 6, 2026. See Note 11, “Stockholders’ Equity” to our consolidated financial statements in this Form 10-Q for further discussion.

(3)    In the third quarter of 2024, we repurchased 5.3 million shares under 10b5-1 trading plans. See Note 11, “Stockholders’ Equity” to our consolidated financial statements in this Form 10-Q for further discussion.

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The closing price of our common stock on the NASDAQ Global Select Market on September 30, 2024 was $22.87.

Item 3.    Defaults Upon Senior Securities

Nothing to report.

Item 4.    Mine Safety Disclosures

Not applicable.

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Item 5.    Other Information

Insider Trading Arrangements

In the third quarter of 2024, no director or officer (as defined in Rule 16a-1(f) promulgated under the Securities Exchange Act of 1934, as amended) of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” for the purchase or sale of securities of the Company, each within the meaning of Item 408 of Regulation S-K.

Item 6.    Exhibits

The following exhibits are furnished or filed, as applicable:

31.1			Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2			Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1			Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2			Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS			XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH			XBRL Taxonomy Extension Schema Document.
101.CAL			XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF			XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB			XBRL Taxonomy Extension Label Linkbase Document.
101.PRE			XBRL Taxonomy Extension Presentation Linkbase Document.
104			Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

SLM CORPORATION (Registrant)
By:						/S/ PETER M. GRAHAM
						Peter M. Graham Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer)

Date: October 23, 2024

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